DuPont Decomposition
Why does PIXTRANS earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
18.9% = 19.4% × 0.80 × 1.23
Latest: FY2025
Profitability
Net Margin
19.4%
15.4% →19.4%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.80x
0.81x →0.80x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.23x
1.52x →1.23x
Assets funded by equity vs debt
Trend Analysis
ROE stable at ~19%. Driven by net margin improving (15.4% → 19.4%), leverage falling (1.52x → 1.23x).
Historical Decomposition
Last 4 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 15.4% | 0.81 | 1.52 | 18.9% |
| FY2023 | ₹0Cr | ₹0Cr | 13.5% | 0.83 | 1.38 | 15.5% |
| FY2024 | ₹0Cr | ₹0Cr | 16.9% | 0.77 | 1.29 | 16.8% |
| FY2025 | ₹0Cr | ₹0Cr | 19.4% | 0.80 | 1.23 | 18.9% |
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.