DuPont Decomposition
Why does UNIVPHOTO earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
9.9% = 354.2% × 0.03 × 1.02
Latest: FY2025
Profitability
Net Margin
354.2%
915.9% →354.2%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.03x
0.05x →0.03x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.02x
1.02x →1.02x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 38.0 pp over 4 years. Driven by net margin declining (915.9% → 354.2%).
Historical Decomposition
Last 4 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 915.9% | 0.05 | 1.02 | 48.0% |
| FY2023 | ₹0Cr | ₹-0Cr | -102.9% | 0.04 | 1.01 | -4.2% |
| FY2024 | ₹0Cr | ₹-0Cr | -605.1% | 0.04 | 1.02 | -22.7% |
| FY2025 | ₹0Cr | ₹0Cr | 354.2% | 0.03 | 1.02 | 9.9% |
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.