DuPont Decomposition
Why does MINDACORP earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
13.6% = 5.8% × 1.13 × 2.08
Latest: FY2026
Profitability
Net Margin
5.8%
6.6% →5.8%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
1.13x
1.14x →1.13x
Revenue per ₹ of assets
Leverage
Equity Multiplier
2.08x
1.93x →2.08x
Assets funded by equity vs debt
Trend Analysis
ROE stable at ~14%.
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 6.6% | 1.14 | 1.93 | 14.4% |
| FY2023 | ₹0Cr | ₹0Cr | 6.7% | 1.31 | 2.03 | 17.9% |
| FY2024 | ₹0Cr | ₹0Cr | 5.0% | 1.33 | 1.74 | 11.5% |
| FY2025 | ₹0Cr | ₹0Cr | 5.0% | 1.04 | 2.22 | 11.6% |
| FY2026 | ₹0Cr | ₹0Cr | 5.8% | 1.13 | 2.08 | 13.6% |
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.