DuPont Decomposition
Why does MAHAPEXLTD earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
4.2% = 1444.6% × 0.00 × 1.17
Latest: FY2025
Profitability
Net Margin
1444.6%
34.5% →1444.6%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.00x
0.01x →0.00x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.17x
1.73x →1.17x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 3.3 pp over 4 years. Driven by net margin improving (34.5% → 1444.6%), leverage falling (1.73x → 1.17x).
Historical Decomposition
Last 4 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 34.5% | 0.01 | 1.73 | 0.9% |
| FY2023 | ₹0Cr | ₹-0Cr | -1966.1% | 0.01 | 1.85 | -37.1% |
| FY2024 | ₹0Cr | ₹-0Cr | -464.3% | 0.02 | 1.20 | -9.1% |
| FY2025 | ₹0Cr | ₹0Cr | 1444.6% | 0.00 | 1.17 | 4.2% |
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.