{
 "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": 0,
  "note": "Each year's figure is from that year's own study: the companies in the study, this year against last year for growth rates. Consecutive years are different samples; read the level of a rate across years, never a rupee level. Ratios in per cent except those marked times.",
  "latestPeriod": "2024-04"
 },
 "dates": [
  "2020-04-01",
  "2021-04-01",
  "2022-04-01",
  "2023-04-01",
  "2024-04-01"
 ],
 "series": {
  "total_borrowings_to_equity": {
   "label": "Total borrowings to equity",
   "unit": "pct",
   "data": [
    44.6,
    52,
    52.4,
    45.3,
    35.3
   ]
  },
  "quick_assets_to_current_liabilities": {
   "label": "Quick assets to current liabilities",
   "unit": "pct",
   "data": [
    82.7,
    79,
    79.2,
    89.8,
    97.7
   ]
  },
  "interest_paid_to_total_expenditure": {
   "label": "Interest paid to total expenditure",
   "unit": "pct",
   "data": [
    3.2,
    3,
    2.8,
    2.8,
    2.1
   ]
  },
  "cost_of_raw_materials_to_total_expenditure": {
   "label": "Cost of raw materials to total expenditure",
   "unit": "pct",
   "data": [
    47.9,
    51.1,
    50.9,
    50,
    51.8
   ]
  },
  "gross_profit_ebit_to_total_net_assets": {
   "label": "Gross profit (EBIT) to total net assets",
   "unit": "pct",
   "data": [
    8.1,
    8.6,
    9.7,
    11,
    11.1
   ]
  },
  "dividends_to_net_worth": {
   "label": "Dividends to net worth",
   "unit": "pct",
   "data": [
    8.6,
    7,
    9.3,
    8.8,
    7.5
   ]
  },
  "inventories_to_sales": {
   "label": "Inventories to sales",
   "unit": "pct",
   "data": [
    12.3,
    11.6,
    10.2,
    9.6,
    9.3
   ]
  },
  "trade_payables_to_current_assets": {
   "label": "Trade payables to current assets",
   "unit": "pct",
   "data": [
    29.1,
    30.8,
    31.4,
    28.3,
    28.2
   ]
  },
  "net_sales_to_total_net_assets": {
   "label": "Net sales to total net assets",
   "unit": "pct",
   "data": [
    78.2,
    86.3,
    94.9,
    98,
    102.3
   ]
  },
  "profit_after_tax_to_net_worth": {
   "label": "Profit after tax to net worth",
   "unit": "pct",
   "data": [
    7,
    9.5,
    12.3,
    13.4,
    14.2
   ]
  },
  "profit_retained_to_profit_after_tax": {
   "label": "Profit retained to profit after tax",
   "unit": "pct",
   "data": [
    38.8,
    55,
    45.1,
    49.9,
    54
   ]
  },
  "current_assets_to_total_net_assets": {
   "label": "Current assets to total net assets",
   "unit": "pct",
   "data": [
    43.1,
    42,
    42.5,
    44.9,
    47.1
   ]
  },
  "current_assets_to_current_liabilities": {
   "label": "Current assets to current liabilities",
   "unit": "times",
   "data": [
    1.4,
    1.4,
    1.4,
    1.5,
    1.6
   ]
  },
  "net_sales_to_gross_fixed_assets": {
   "label": "Net sales to gross fixed assets",
   "unit": "pct",
   "data": [
    137.5,
    143.6,
    158.5,
    172.9,
    203.2
   ]
  },
  "external_sources_of_funds_to_total_sources_of_funds": {
   "label": "External sources of funds to total sources of funds",
   "unit": "pct",
   "data": [
    55.3,
    55.1,
    52.7,
    47.9,
    42.6
   ]
  },
  "increase_in_bank_borrowings_to_total_external_sources": {
   "label": "Increase in bank borrowings to total external sources",
   "unit": "pct",
   "data": [
    -4.6,
    6,
    0.8,
    8.1,
    11.7
   ]
  },
  "interest_coverage_ratio_ebit_to_interest": {
   "label": "Interest coverage ratio (EBIT to interest)",
   "unit": "times",
   "data": [
    3.5,
    3.5,
    4,
    4.4,
    5.8
   ]
  },
  "debt_to_equity": {
   "label": "Debt to equity",
   "unit": "pct",
   "data": [
    37,
    40.4,
    39.9,
    33.2,
    25
   ]
  },
  "operating_profit_to_sales": {
   "label": "Operating profit to sales",
   "unit": "pct",
   "data": [
    13.4,
    13.2,
    12.7,
    13.2,
    12.2
   ]
  },
  "short_term_bank_borrowings_to_inventories": {
   "label": "Short term bank borrowings to inventories",
   "unit": "pct",
   "data": [
    17.4,
    19.2,
    18.4,
    20.4,
    21.2
   ]
  },
  "gross_fixed_assets_formation_to_total_uses_of_funds": {
   "label": "Gross fixed assets formation to total uses of funds",
   "unit": "pct",
   "data": [
    55.6,
    36.2,
    55.9,
    38.8,
    40.1
   ]
  },
  "gross_capital_formation_to_total_uses_of_funds": {
   "label": "Gross capital formation to total uses of funds",
   "unit": "pct",
   "data": [
    64.1,
    51.9,
    62.6,
    42,
    45.3
   ]
  },
  "gross_profit_ebit_to_sales": {
   "label": "Gross profit (EBIT) to sales",
   "unit": "pct",
   "data": [
    10.6,
    10.4,
    10.8,
    11.7,
    11.5
   ]
  },
  "net_fixed_assets_to_total_net_assets": {
   "label": "Net fixed assets to total net assets",
   "unit": "pct",
   "data": [
    37.4,
    36.7,
    36.7,
    33.8,
    30.7
   ]
  },
  "trade_receivables_to_sales": {
   "label": "Trade receivables to sales",
   "unit": "pct",
   "data": [
    14.8,
    13.7,
    13.3,
    13.7,
    14.9
   ]
  },
  "profit_after_tax_to_sales": {
   "label": "Profit after tax to sales",
   "unit": "pct",
   "data": [
    4.1,
    5,
    5.9,
    6.4,
    7.2
   ]
  },
  "tax_provision_to_profit_before_tax": {
   "label": "Tax provision to profit before tax",
   "unit": "pct",
   "data": [
    25.2,
    24.1,
    23,
    24.6,
    23.7
   ]
  },
  "net_worth_to_total_net_assets": {
   "label": "Net worth to total net assets",
   "unit": "pct",
   "data": [
    44.4,
    43.8,
    43.1,
    44.9,
    49.6
   ]
  },
  "gross_value_added_to_gross_fixed_assets": {
   "label": "Gross value added to gross fixed assets",
   "unit": "pct",
   "data": [
    46,
    44.7,
    50,
    57.9,
    68.5
   ]
  },
  "gross_savings_to_gross_capital_formation": {
   "label": "Gross savings to gross capital formation",
   "unit": "pct",
   "data": [
    66.2,
    81.2,
    65.4,
    123.7,
    111.8
   ]
  },
  "remuneration_to_employees_to_total_expenditure": {
   "label": "Remuneration to employees to total expenditure",
   "unit": "pct",
   "data": [
    18.3,
    16.2,
    17.3,
    18.9,
    20.8
   ]
  },
  "companies": {
   "label": "Number of companies in the study",
   "unit": "count",
   "data": [
    2059,
    2206,
    2272,
    2418,
    3100
   ]
  }
 }
}