DuPont Decomposition
Why does TRIGYN earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
1.8% = 1.4% × 0.99 × 1.22
Latest: FY2025
Profitability
Net Margin
1.4%
3.8% →1.4%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.99x
1.38x →0.99x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.22x
1.24x →1.22x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 4.7 pp over 4 years. Driven by net margin declining (3.8% → 1.4%), asset turnover declining (1.38x → 0.99x).
Historical Decomposition
Last 4 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 3.8% | 1.38 | 1.24 | 6.4% |
| FY2023 | ₹0Cr | ₹0Cr | 2.7% | 1.49 | 1.26 | 5.1% |
| FY2024 | ₹0Cr | ₹0Cr | 1.6% | 1.46 | 1.25 | 2.9% |
| FY2025 | ₹0Cr | ₹0Cr | 1.4% | 0.99 | 1.22 | 1.8% |
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.