DuPont Decomposition

Why does JUBLCPL earn its ROE?

Breaking down Return on Equity into profitability, efficiency, and leverage.

ROE = Net Margin × Asset Turnover × Equity Multiplier

27.0% = 5.6% × 2.12 × 2.26

Latest: FY2025

Profitability

Net Margin

5.6%

2.4% →5.6%

How much profit per ₹ of revenue

Efficiency

Asset Turnover

2.12x

1.68x →2.12x

Revenue per ₹ of assets

Leverage

Equity Multiplier

2.26x

3.17x →2.26x

Assets funded by equity vs debt

Trend Analysis

ROE improved by 14.3 pp over 2 years. Driven by net margin improving (2.4% → 5.6%), asset turnover improving (1.68x → 2.12x), leverage falling (3.17x → 2.26x).

Historical Decomposition

Last 2 years

Year	Revenue	PAT	Net Margin	Asset TO	Leverage	ROE
FY2024	₹0Cr	₹0Cr	2.4%	1.68	3.17	12.6%
FY2025	₹0Cr	₹0Cr	5.6%	2.12	2.26	27.0%

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)

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DuPont decomposition from audited annual financials. Factual analysis, not investment advice.