{
 "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 1187",
  "companyType": "Private limited companies",
  "statement": "Financial ratios",
  "cut": null,
  "studies": [
   "2020-21",
   "2021-22",
   "2022-23",
   "2023-24",
   "2024-25"
  ],
  "coverage": "Private limited 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": {
  "debt_to_equity": {
   "label": "Debt to equity",
   "unit": "pct",
   "data": [
    45.6,
    48.1,
    45.3,
    45.3,
    48
   ]
  },
  "net_sales_to_total_net_assets": {
   "label": "Net sales to total net assets",
   "unit": "pct",
   "data": [
    67.7,
    64.9,
    75.4,
    80.1,
    79
   ]
  },
  "remuneration_to_employees_to_total_expenditure": {
   "label": "Remuneration to employees to total expenditure",
   "unit": "pct",
   "data": [
    16.8,
    17.8,
    16.9,
    18.1,
    18.1
   ]
  },
  "gross_profit_ebit_to_sales": {
   "label": "Gross profit (EBIT) to sales",
   "unit": "pct",
   "data": [
    9,
    9.7,
    9.5,
    9.1,
    10.4
   ]
  },
  "gross_capital_formation_to_total_uses_of_funds": {
   "label": "Gross capital formation to total uses of funds",
   "unit": "pct",
   "data": [
    61.3,
    48.1,
    44.1,
    50.4,
    45.3
   ]
  },
  "increase_in_bank_borrowings_to_total_external_sources": {
   "label": "Increase in bank borrowings to total external sources",
   "unit": "pct",
   "data": [
    2.8,
    -5.3,
    7.5,
    12.2,
    16.2
   ]
  },
  "gross_profit_ebit_to_total_net_assets": {
   "label": "Gross profit (EBIT) to total net assets",
   "unit": "pct",
   "data": [
    5.8,
    6,
    6.7,
    6.9,
    7.7
   ]
  },
  "inventories_to_sales": {
   "label": "Inventories to sales",
   "unit": "pct",
   "data": [
    17.9,
    17.5,
    16.6,
    14.5,
    15.1
   ]
  },
  "gross_fixed_assets_formation_to_total_uses_of_funds": {
   "label": "Gross fixed assets formation to total uses of funds",
   "unit": "pct",
   "data": [
    57.4,
    41.8,
    30.8,
    41,
    39.8
   ]
  },
  "interest_coverage_ratio_ebit_to_interest": {
   "label": "Interest coverage ratio (EBIT to interest)",
   "unit": "times",
   "data": [
    2,
    2.5,
    2.9,
    2.7,
    3
   ]
  },
  "profit_after_tax_to_sales": {
   "label": "Profit after tax to sales",
   "unit": "pct",
   "data": [
    1.8,
    3.7,
    3.6,
    3.7,
    4.8
   ]
  },
  "dividends_to_net_worth": {
   "label": "Dividends to net worth",
   "unit": "pct",
   "data": [
    1.5,
    4,
    3.2,
    4.3,
    3.8
   ]
  },
  "net_sales_to_gross_fixed_assets": {
   "label": "Net sales to gross fixed assets",
   "unit": "pct",
   "data": [
    142.9,
    132,
    159,
    163.9,
    169.2
   ]
  },
  "total_borrowings_to_equity": {
   "label": "Total borrowings to equity",
   "unit": "pct",
   "data": [
    67.5,
    66.5,
    67,
    66.6,
    70.2
   ]
  },
  "current_assets_to_total_net_assets": {
   "label": "Current assets to total net assets",
   "unit": "pct",
   "data": [
    44.3,
    44.1,
    45.5,
    44.8,
    45.1
   ]
  },
  "trade_receivables_to_sales": {
   "label": "Trade receivables to sales",
   "unit": "pct",
   "data": [
    16.8,
    17,
    15.7,
    16.1,
    15.8
   ]
  },
  "tax_provision_to_profit_before_tax": {
   "label": "Tax provision to profit before tax",
   "unit": "pct",
   "data": [
    27.9,
    23.4,
    24.8,
    23.9,
    23.3
   ]
  },
  "net_worth_to_total_net_assets": {
   "label": "Net worth to total net assets",
   "unit": "pct",
   "data": [
    39.9,
    41.5,
    42.2,
    41.7,
    41.1
   ]
  },
  "trade_payables_to_current_assets": {
   "label": "Trade payables to current assets",
   "unit": "pct",
   "data": [
    23.1,
    23.2,
    23.1,
    24.7,
    22.9
   ]
  },
  "gross_savings_to_gross_capital_formation": {
   "label": "Gross savings to gross capital formation",
   "unit": "pct",
   "data": [
    47.3,
    75.4,
    67.3,
    59.4,
    70.7
   ]
  },
  "profit_after_tax_to_net_worth": {
   "label": "Profit after tax to net worth",
   "unit": "pct",
   "data": [
    2.9,
    5.5,
    6,
    6.8,
    8.6
   ]
  },
  "short_term_bank_borrowings_to_inventories": {
   "label": "Short term bank borrowings to inventories",
   "unit": "pct",
   "data": [
    21.1,
    18.5,
    20.6,
    21,
    21.6
   ]
  },
  "current_assets_to_current_liabilities": {
   "label": "Current assets to current liabilities",
   "unit": "times",
   "data": [
    1.3,
    1.4,
    1.5,
    1.4,
    1.4
   ]
  },
  "operating_profit_to_sales": {
   "label": "Operating profit to sales",
   "unit": "pct",
   "data": [
    11,
    11.7,
    11,
    10.7,
    11.3
   ]
  },
  "net_fixed_assets_to_total_net_assets": {
   "label": "Net fixed assets to total net assets",
   "unit": "pct",
   "data": [
    36.9,
    35.9,
    32.6,
    34.1,
    32.3
   ]
  },
  "quick_assets_to_current_liabilities": {
   "label": "Quick assets to current liabilities",
   "unit": "pct",
   "data": [
    63.1,
    74.4,
    74.1,
    75.9,
    74.3
   ]
  },
  "external_sources_of_funds_to_total_sources_of_funds": {
   "label": "External sources of funds to total sources of funds",
   "unit": "pct",
   "data": [
    58.6,
    46.7,
    59.7,
    56.8,
    52.3
   ]
  },
  "gross_value_added_to_gross_fixed_assets": {
   "label": "Gross value added to gross fixed assets",
   "unit": "pct",
   "data": [
    44.4,
    42,
    48.7,
    51.3,
    54.2
   ]
  },
  "cost_of_raw_materials_to_total_expenditure": {
   "label": "Cost of raw materials to total expenditure",
   "unit": "pct",
   "data": [
    49.7,
    51.8,
    54.7,
    51.8,
    52.1
   ]
  },
  "interest_paid_to_total_expenditure": {
   "label": "Interest paid to total expenditure",
   "unit": "pct",
   "data": [
    4.4,
    4,
    3.3,
    3.3,
    3.6
   ]
  },
  "profit_retained_to_profit_after_tax": {
   "label": "Profit retained to profit after tax",
   "unit": "pct",
   "data": [
    83.2,
    66,
    76,
    65.8,
    71.9
   ]
  }
 }
}