DuPont Decomposition
Why does SYMPHONY earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
-25.9% = -12.5% × 1.10 × 1.89
Latest: FY2026
Profitability
Net Margin
-12.5%
11.6% →-12.5%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
1.10x
0.76x →1.10x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.89x
1.63x →1.89x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 40.2 pp over 5 years. Driven by net margin declining (11.6% → -12.5%), asset turnover improving (0.76x → 1.10x), leverage rising (1.63x → 1.89x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 11.6% | 0.76 | 1.63 | 14.3% |
| FY2023 | ₹0Cr | ₹0Cr | 9.8% | 0.84 | 1.59 | 13.2% |
| FY2024 | ₹0Cr | ₹0Cr | 12.8% | 0.95 | 1.63 | 19.8% |
| FY2025 | ₹0Cr | ₹0Cr | 13.5% | 1.18 | 1.75 | 28.0% |
| FY2026 | ₹0Cr | ₹-0Cr | -12.5% | 1.10 | 1.89 | -25.9% |
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.