DuPont Decomposition
Why does MAYURUNIQ earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
16.9% = 19.8% × 0.77 × 1.11
Latest: FY2026
Profitability
Net Margin
19.8%
14.5% →19.8%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.77x
0.79x →0.77x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.11x
1.16x →1.11x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 3.6 pp over 5 years. Driven by net margin improving (14.5% → 19.8%).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 14.5% | 0.79 | 1.16 | 13.3% |
| FY2023 | ₹0Cr | ₹0Cr | 13.6% | 0.88 | 1.16 | 13.8% |
| FY2024 | ₹0Cr | ₹0Cr | 15.4% | 0.83 | 1.11 | 14.1% |
| FY2025 | ₹0Cr | ₹0Cr | 17.0% | 0.83 | 1.10 | 15.6% |
| FY2026 | ₹0Cr | ₹0Cr | 19.8% | 0.77 | 1.11 | 16.9% |
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.