DuPont Decomposition
Why does TRITURBINE earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
24.2% = 16.0% × 0.87 × 1.73
Latest: FY2026
Profitability
Net Margin
16.0%
32.1% →16.0%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.87x
0.63x →0.87x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.73x
1.56x →1.73x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 7.4 pp over 5 years. Driven by net margin declining (32.1% → 16.0%), asset turnover improving (0.63x → 0.87x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 32.1% | 0.63 | 1.56 | 31.5% |
| FY2023 | ₹0Cr | ₹0Cr | 15.6% | 0.92 | 1.76 | 25.3% |
| FY2024 | ₹0Cr | ₹0Cr | 16.4% | 0.99 | 1.72 | 28.0% |
| FY2025 | ₹0Cr | ₹0Cr | 17.8% | 0.99 | 1.66 | 29.4% |
| FY2026 | ₹0Cr | ₹0Cr | 16.0% | 0.87 | 1.73 | 24.2% |
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.