DuPont Decomposition
Why does SURYAROSNI earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
10.8% = 3.8% × 2.13 × 1.35
Latest: FY2026
Profitability
Net Margin
3.8%
2.7% →3.8%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
2.13x
2.48x →2.13x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.35x
2.01x →1.35x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 2.4 pp over 5 years. Driven by net margin improving (2.7% → 3.8%), asset turnover declining (2.48x → 2.13x), leverage falling (2.01x → 1.35x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 2.7% | 2.48 | 2.01 | 13.2% |
| FY2023 | ₹0Cr | ₹0Cr | 4.2% | 2.61 | 1.64 | 18.0% |
| FY2024 | ₹0Cr | ₹0Cr | 4.2% | 2.66 | 1.35 | 15.2% |
| FY2025 | ₹0Cr | ₹0Cr | 4.7% | 2.30 | 1.31 | 14.1% |
| FY2026 | ₹0Cr | ₹0Cr | 3.8% | 2.13 | 1.35 | 10.8% |
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.