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
29.3% = 17.9% × 0.99 × 1.66
Latest: FY2025
Profitability
Net Margin
17.9%
15.0% →17.9%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.99x
0.28x →0.99x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.66x
1.76x →1.66x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 22.0 pp over 3 years. Driven by net margin improving (15.0% → 17.9%), asset turnover improving (0.28x → 0.99x).
Historical Decomposition
Last 3 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2023 | ₹0Cr | ₹0Cr | 15.0% | 0.28 | 1.76 | 7.3% |
| FY2024 | ₹0Cr | ₹0Cr | 16.6% | 0.28 | 1.72 | 7.9% |
| FY2025 | ₹0Cr | ₹0Cr | 17.9% | 0.99 | 1.66 | 29.3% |
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.