DuPont Decomposition
Why does BTTL earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
-7.0% = -41.7% × 0.17 × 1.01
Latest: FY2026
Profitability
Net Margin
-41.7%
89.8% →-41.7%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.17x
0.12x →0.17x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.01x
1.01x →1.01x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 18.1 pp over 5 years. Driven by net margin declining (89.8% → -41.7%).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 89.8% | 0.12 | 1.01 | 11.1% |
| FY2023 | ₹0Cr | ₹-0Cr | -33.3% | 0.08 | 1.01 | -2.7% |
| FY2024 | ₹0Cr | ₹0Cr | 92.3% | 0.08 | 1.01 | 7.8% |
| FY2025 | ₹0Cr | ₹0Cr | 89.1% | 0.05 | 1.00 | 4.2% |
| FY2026 | ₹0Cr | ₹-0Cr | -41.7% | 0.17 | 1.01 | -7.0% |
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.