DuPont Decomposition
Why does DELPHIFX earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
0.9% = 0.1% × 5.56 × 1.38
Latest: FY2025
Profitability
Net Margin
0.1%
0.5% →0.1%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
5.56x
4.98x →5.56x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.38x
1.57x →1.38x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 3.3 pp over 4 years. Driven by asset turnover improving (4.98x → 5.56x).
Historical Decomposition
Last 4 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 0.5% | 4.98 | 1.57 | 4.1% |
| FY2023 | ₹0Cr | ₹0Cr | 0.6% | 8.54 | 1.48 | 7.3% |
| FY2024 | ₹0Cr | ₹0Cr | 0.5% | 8.97 | 1.44 | 6.8% |
| FY2025 | ₹0Cr | ₹0Cr | 0.1% | 5.56 | 1.38 | 0.9% |
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.