DuPont Decomposition
Why does BRIGADE earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
11.6% = 13.6% × 0.23 × 3.73
Latest: FY2025
Profitability
Net Margin
13.6%
6.5% →13.6%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.23x
0.21x →0.23x
Revenue per ₹ of assets
Leverage
Equity Multiplier
3.73x
5.05x →3.73x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 4.7 pp over 3 years. Driven by net margin improving (6.5% → 13.6%), leverage falling (5.05x → 3.73x).
Historical Decomposition
Last 3 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2023 | ₹0Cr | ₹0Cr | 6.5% | 0.21 | 5.05 | 6.8% |
| FY2024 | ₹0Cr | ₹0Cr | 15.7% | 0.19 | 2.50 | 7.5% |
| FY2025 | ₹0Cr | ₹0Cr | 13.6% | 0.23 | 3.73 | 11.6% |
How to read DuPont
- • Rising ROE from margin = pricing power, operational improvement (good)
- • Rising ROE from turnover = better asset utilization (good)
- • Rising ROE from leverage = more debt, amplified risk (caution)
- • Falling ROE across all three = structural deterioration (red flag)
DuPont decomposition from audited annual financials. Factual analysis, not investment advice.