DuPont Decomposition
Why does MBLINFRA earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
-2.4% = -12.8% × 0.06 × 3.09
Latest: FY2026
Profitability
Net Margin
-12.8%
0.1% →-12.8%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.06x
0.05x →0.06x
Revenue per ₹ of assets
Leverage
Equity Multiplier
3.09x
3.61x →3.09x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 2.4 pp over 5 years. Driven by net margin declining (0.1% → -12.8%), leverage falling (3.61x → 3.09x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 0.1% | 0.05 | 3.61 | 0.0% |
| FY2023 | ₹0Cr | ₹-0Cr | -31.7% | 0.05 | 3.76 | -6.4% |
| FY2024 | ₹0Cr | ₹-0Cr | -32.1% | 0.04 | 3.86 | -5.3% |
| FY2025 | ₹0Cr | ₹0Cr | 132.1% | 0.04 | 3.16 | 17.9% |
| FY2026 | ₹0Cr | ₹-0Cr | -12.8% | 0.06 | 3.09 | -2.4% |
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.