DuPont Decomposition
Why does MAPMYINDIA earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
14.8% = 28.3% × 0.46 × 1.14
Latest: FY2026
Profitability
Net Margin
28.3%
43.4% →28.3%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.46x
0.39x →0.46x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.14x
1.16x →1.14x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 4.7 pp over 5 years. Driven by net margin declining (43.4% → 28.3%).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 43.4% | 0.39 | 1.16 | 19.5% |
| FY2023 | ₹0Cr | ₹0Cr | 38.1% | 0.42 | 1.24 | 19.8% |
| FY2024 | ₹0Cr | ₹0Cr | 35.3% | 0.48 | 1.20 | 20.3% |
| FY2025 | ₹0Cr | ₹0Cr | 31.8% | 0.49 | 1.19 | 18.6% |
| FY2026 | ₹0Cr | ₹0Cr | 28.3% | 0.46 | 1.14 | 14.8% |
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.