DuPont Decomposition
Why does MANYAVAR earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
19.1% = 26.2% × 0.50 × 1.45
Latest: FY2026
Profitability
Net Margin
26.2%
30.3% →26.2%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.50x
0.59x →0.50x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.45x
1.63x →1.45x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 10.0 pp over 5 years. Driven by net margin declining (30.3% → 26.2%).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 30.3% | 0.59 | 1.63 | 29.1% |
| FY2023 | ₹0Cr | ₹0Cr | 31.7% | 0.62 | 1.55 | 30.6% |
| FY2024 | ₹0Cr | ₹0Cr | 30.3% | 0.54 | 1.57 | 25.9% |
| FY2025 | ₹0Cr | ₹0Cr | 28.0% | 0.50 | 1.54 | 21.8% |
| FY2026 | ₹0Cr | ₹0Cr | 26.2% | 0.50 | 1.45 | 19.1% |
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.