DuPont Decomposition
Why does YATRA earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
5.6% = 4.7% × 0.75 × 1.61
Latest: FY2026
Profitability
Net Margin
4.7%
-17.0% →4.7%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.75x
0.33x →0.75x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.61x
5.43x →1.61x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 36.1 pp over 5 years. Driven by net margin improving (-17.0% → 4.7%), asset turnover improving (0.33x → 0.75x), leverage falling (5.43x → 1.61x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹-0Cr | -17.0% | 0.33 | 5.43 | -30.5% |
| FY2023 | ₹0Cr | ₹0Cr | 2.3% | 0.50 | 4.02 | 4.5% |
| FY2024 | ₹0Cr | ₹-0Cr | -1.3% | 0.30 | 1.63 | -0.6% |
| FY2025 | ₹0Cr | ₹0Cr | 4.6% | 0.60 | 1.69 | 4.7% |
| FY2026 | ₹0Cr | ₹0Cr | 4.7% | 0.75 | 1.61 | 5.6% |
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.