{
 "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": 2,
  "note": "The figure for a year as re-measured in the study 2 years later, on that later study's sample. Kept apart from the year's own study (the bundle without -prior), never mixed.",
  "latestPeriod": "2022-04"
 },
 "dates": [
  "2018-04-01",
  "2019-04-01",
  "2020-04-01",
  "2021-04-01",
  "2022-04-01"
 ],
 "series": {
  "debt_to_equity": {
   "label": "Debt to equity",
   "unit": "pct",
   "data": [
    49.2,
    44.1,
    47.6,
    48.3,
    48.5
   ]
  },
  "remuneration_to_employees_to_total_expenditure": {
   "label": "Remuneration to employees to total expenditure",
   "unit": "pct",
   "data": [
    15.7,
    16.4,
    18.4,
    17.9,
    17.5
   ]
  },
  "gross_profit_ebit_to_sales": {
   "label": "Gross profit (EBIT) to sales",
   "unit": "pct",
   "data": [
    9.1,
    8.6,
    9.6,
    9.8,
    8.9
   ]
  },
  "gross_profit_ebit_to_total_net_assets": {
   "label": "Gross profit (EBIT) to total net assets",
   "unit": "pct",
   "data": [
    6.2,
    5.6,
    5.9,
    6.8,
    6.7
   ]
  },
  "inventories_to_sales": {
   "label": "Inventories to sales",
   "unit": "pct",
   "data": [
    17.9,
    16.9,
    17.9,
    15.6,
    15.6
   ]
  },
  "interest_coverage_ratio_ebit_to_interest": {
   "label": "Interest coverage ratio (EBIT to interest)",
   "unit": "times",
   "data": [
    2.8,
    2,
    2.4,
    2.8,
    2.7
   ]
  },
  "profit_after_tax_to_sales": {
   "label": "Profit after tax to sales",
   "unit": "pct",
   "data": [
    3,
    1.3,
    3.4,
    3.4,
    3.5
   ]
  },
  "dividends_to_net_worth": {
   "label": "Dividends to net worth",
   "unit": "pct",
   "data": [
    2,
    1.5,
    4.5,
    3.6,
    3.8
   ]
  },
  "total_borrowings_to_equity": {
   "label": "Total borrowings to equity",
   "unit": "pct",
   "data": [
    69.4,
    67.1,
    66.8,
    68.4,
    72.9
   ]
  },
  "current_assets_to_total_net_assets": {
   "label": "Current assets to total net assets",
   "unit": "pct",
   "data": [
    45.1,
    44,
    44.5,
    44.2,
    46.3
   ]
  },
  "trade_receivables_to_sales": {
   "label": "Trade receivables to sales",
   "unit": "pct",
   "data": [
    17.4,
    16.6,
    17,
    16.6,
    16.5
   ]
  },
  "tax_provision_to_profit_before_tax": {
   "label": "Tax provision to profit before tax",
   "unit": "pct",
   "data": [
    31.1,
    27.3,
    23.8,
    25.8,
    24.3
   ]
  },
  "net_worth_to_total_net_assets": {
   "label": "Net worth to total net assets",
   "unit": "pct",
   "data": [
    41,
    40.7,
    41.4,
    41.6,
    40
   ]
  },
  "trade_payables_to_current_assets": {
   "label": "Trade payables to current assets",
   "unit": "pct",
   "data": [
    24.6,
    23.2,
    22.6,
    23.6,
    25
   ]
  },
  "profit_after_tax_to_net_worth": {
   "label": "Profit after tax to net worth",
   "unit": "pct",
   "data": [
    5,
    2.1,
    5.2,
    5.6,
    6.6
   ]
  },
  "short_term_bank_borrowings_to_inventories": {
   "label": "Short term bank borrowings to inventories",
   "unit": "pct",
   "data": [
    20.2,
    22.6,
    17.9,
    20.3,
    21.8
   ]
  },
  "current_assets_to_current_liabilities": {
   "label": "Current assets to current liabilities",
   "unit": "times",
   "data": [
    1.4,
    1.3,
    1.4,
    1.5,
    1.4
   ]
  },
  "operating_profit_to_sales": {
   "label": "Operating profit to sales",
   "unit": "pct",
   "data": [
    9.9,
    10.4,
    11.6,
    11.5,
    10.2
   ]
  },
  "net_fixed_assets_to_total_net_assets": {
   "label": "Net fixed assets to total net assets",
   "unit": "pct",
   "data": [
    36,
    37.1,
    34.7,
    34.8,
    32.6
   ]
  },
  "quick_assets_to_current_liabilities": {
   "label": "Quick assets to current liabilities",
   "unit": "pct",
   "data": [
    66,
    64.2,
    72.5,
    77.3,
    72.2
   ]
  },
  "cost_of_raw_materials_to_total_expenditure": {
   "label": "Cost of raw materials to total expenditure",
   "unit": "pct",
   "data": [
    53.1,
    51.8,
    51.5,
    52.3,
    53.3
   ]
  },
  "interest_paid_to_total_expenditure": {
   "label": "Interest paid to total expenditure",
   "unit": "pct",
   "data": [
    3.3,
    4.2,
    4,
    3.5,
    3.4
   ]
  },
  "profit_retained_to_profit_after_tax": {
   "label": "Profit retained to profit after tax",
   "unit": "pct",
   "data": [
    79.4,
    86,
    62.6,
    73.6,
    69.8
   ]
  }
 }
}