{
 "meta": {
  "dossier": "markets-companies",
  "source": "Reserve Bank of India, studies of company finances (DBIE, via the local Data Bank)",
  "vintage": "2026-10-10",
  "mock": false,
  "geo": "IND",
  "releaseDate": null,
  "revisionPolicy": "Each study is final for its own sample of companies; a later study re-measures the earlier year on a different sample, kept beside it, never chained.",
  "frequency": "annual",
  "base": "Ind AS format (studies 2020-21 on)",
  "product": "DBIE report 1166",
  "companyType": "Foreign direct investment companies",
  "statement": "Financial ratios",
  "cut": null,
  "studies": [
   "2020-21",
   "2021-22",
   "2022-23",
   "2023-24",
   "2024-25"
  ],
  "coverage": "Foreign direct investment companies: financial ratios, from the RBI's annual studies (2020-21 to 2024-25 studies)",
  "unit": "pct",
  "studyOffset": 1,
  "note": "The figure for a year as re-measured in the study 1 year later, on that later study's sample. Kept apart from the year's own study (the bundle without -prior), never mixed.",
  "latestPeriod": "2023-04"
 },
 "dates": [
  "2019-04-01",
  "2020-04-01",
  "2021-04-01",
  "2022-04-01",
  "2023-04-01"
 ],
 "series": {
  "total_borrowings_to_equity": {
   "label": "Total borrowings to equity",
   "unit": "pct",
   "data": [
    43,
    49.3,
    53.1,
    46.1,
    36.2
   ]
  },
  "quick_assets_to_current_liabilities": {
   "label": "Quick assets to current liabilities",
   "unit": "pct",
   "data": [
    76.5,
    76.9,
    78.8,
    87.2,
    94.4
   ]
  },
  "interest_paid_to_total_expenditure": {
   "label": "Interest paid to total expenditure",
   "unit": "pct",
   "data": [
    3.3,
    3.6,
    3,
    2.6,
    2.1
   ]
  },
  "cost_of_raw_materials_to_total_expenditure": {
   "label": "Cost of raw materials to total expenditure",
   "unit": "pct",
   "data": [
    48.6,
    47,
    50.5,
    51,
    51.7
   ]
  },
  "gross_profit_ebit_to_total_net_assets": {
   "label": "Gross profit (EBIT) to total net assets",
   "unit": "pct",
   "data": [
    7.5,
    7.5,
    8.5,
    9.8,
    10.9
   ]
  },
  "dividends_to_net_worth": {
   "label": "Dividends to net worth",
   "unit": "pct",
   "data": [
    4.2,
    6.9,
    7.1,
    9.8,
    7
   ]
  },
  "inventories_to_sales": {
   "label": "Inventories to sales",
   "unit": "pct",
   "data": [
    11.4,
    11.9,
    11.2,
    10.1,
    9.4
   ]
  },
  "net_sales_to_total_net_assets": {
   "label": "Net sales to total net assets",
   "unit": "pct",
   "data": [
    83.7,
    72.2,
    86.5,
    98.6,
    104.9
   ]
  },
  "profit_after_tax_to_net_worth": {
   "label": "Profit after tax to net worth",
   "unit": "pct",
   "data": [
    2,
    5.1,
    9.3,
    12.8,
    13
   ]
  },
  "profit_retained_to_profit_after_tax": {
   "label": "Profit retained to profit after tax",
   "unit": "pct",
   "data": [
    66.2,
    49,
    54.4,
    45.5,
    55.4
   ]
  },
  "trade_payables_to_current_assets": {
   "label": "Trade payables to current assets",
   "unit": "pct",
   "data": [
    28.5,
    29.8,
    30.7,
    31,
    29.1
   ]
  },
  "current_assets_to_total_net_assets": {
   "label": "Current assets to total net assets",
   "unit": "pct",
   "data": [
    42.6,
    40.2,
    42.3,
    44.5,
    47
   ]
  },
  "current_assets_to_current_liabilities": {
   "label": "Current assets to current liabilities",
   "unit": "times",
   "data": [
    1.3,
    1.3,
    1.4,
    1.4,
    1.5
   ]
  },
  "net_sales_to_gross_fixed_assets": {
   "label": "Net sales to gross fixed assets",
   "unit": "pct",
   "data": [
    156.7,
    121,
    145.2,
    174.1,
    207.9
   ]
  },
  "external_sources_of_funds_to_total_sources_of_funds": {
   "label": "External sources of funds to total sources of funds",
   "unit": "pct",
   "data": [
    66.2,
    62.2,
    58,
    51.9,
    45.5
   ]
  },
  "increase_in_bank_borrowings_to_total_external_sources": {
   "label": "Increase in bank borrowings to total external sources",
   "unit": "pct",
   "data": [
    1.2,
    -7.5,
    6.9,
    3.4,
    18.2
   ]
  },
  "interest_coverage_ratio_ebit_to_interest": {
   "label": "Interest coverage ratio (EBIT to interest)",
   "unit": "times",
   "data": [
    2.9,
    3,
    3.5,
    4.2,
    5.5
   ]
  },
  "operating_profit_to_sales": {
   "label": "Operating profit to sales",
   "unit": "pct",
   "data": [
    11.9,
    14.1,
    13.1,
    12,
    12
   ]
  },
  "debt_to_equity": {
   "label": "Debt to equity",
   "unit": "pct",
   "data": [
    33.5,
    41.9,
    40.6,
    34.5,
    25.3
   ]
  },
  "short_term_bank_borrowings_to_inventories": {
   "label": "Short term bank borrowings to inventories",
   "unit": "pct",
   "data": [
    21.3,
    18.7,
    19.7,
    18.3,
    21.5
   ]
  },
  "gross_fixed_assets_formation_to_total_uses_of_funds": {
   "label": "Gross fixed assets formation to total uses of funds",
   "unit": "pct",
   "data": [
    72.6,
    57.6,
    34.9,
    48.3,
    40.1
   ]
  },
  "gross_capital_formation_to_total_uses_of_funds": {
   "label": "Gross capital formation to total uses of funds",
   "unit": "pct",
   "data": [
    72.3,
    65.1,
    50.8,
    54.1,
    41.9
   ]
  },
  "gross_profit_ebit_to_sales": {
   "label": "Gross profit (EBIT) to sales",
   "unit": "pct",
   "data": [
    9.4,
    10.7,
    10.3,
    10.5,
    11
   ]
  },
  "trade_receivables_to_sales": {
   "label": "Trade receivables to sales",
   "unit": "pct",
   "data": [
    14.3,
    14.7,
    13.8,
    13.9,
    14.4
   ]
  },
  "profit_after_tax_to_sales": {
   "label": "Profit after tax to sales",
   "unit": "pct",
   "data": [
    1.1,
    3.2,
    4.9,
    6.1,
    6.4
   ]
  },
  "net_fixed_assets_to_total_net_assets": {
   "label": "Net fixed assets to total net assets",
   "unit": "pct",
   "data": [
    38,
    39,
    36.3,
    35.1,
    31.3
   ]
  },
  "tax_provision_to_profit_before_tax": {
   "label": "Tax provision to profit before tax",
   "unit": "pct",
   "data": [
    25.3,
    24.6,
    24.2,
    22.3,
    25.3
   ]
  },
  "remuneration_to_employees_to_total_expenditure": {
   "label": "Remuneration to employees to total expenditure",
   "unit": "pct",
   "data": [
    16.8,
    17.8,
    17,
    18.1,
    19.9
   ]
  },
  "net_worth_to_total_net_assets": {
   "label": "Net worth to total net assets",
   "unit": "pct",
   "data": [
    44.7,
    43.2,
    43.4,
    44.6,
    49.2
   ]
  },
  "gross_value_added_to_gross_fixed_assets": {
   "label": "Gross value added to gross fixed assets",
   "unit": "pct",
   "data": [
    48.3,
    40.3,
    46,
    55,
    68.7
   ]
  },
  "gross_savings_to_gross_capital_formation": {
   "label": "Gross savings to gross capital formation",
   "unit": "pct",
   "data": [
    35.1,
    55.6,
    84.2,
    75.9,
    116.8
   ]
  }
 }
}