DuPont Decomposition
Why does PAGEIND earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
50.8% = 14.6% × 1.84 × 1.90
Latest: FY2026
Profitability
Net Margin
14.6%
14.4% →14.6%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
1.84x
1.77x →1.84x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.90x
1.94x →1.90x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 1.5 pp over 5 years.
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 14.4% | 1.77 | 1.94 | 49.3% |
| FY2023 | ₹0Cr | ₹0Cr | 12.2% | 1.74 | 1.96 | 41.7% |
| FY2024 | ₹0Cr | ₹0Cr | 12.5% | 1.70 | 1.68 | 35.6% |
| FY2025 | ₹0Cr | ₹0Cr | 14.8% | 1.87 | 1.88 | 51.8% |
| FY2026 | ₹0Cr | ₹0Cr | 14.6% | 1.84 | 1.90 | 50.8% |
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.