{
 "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": 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": {
  "gross_profit_ebit_to_sales": {
   "label": "Gross profit (EBIT) to sales",
   "unit": "pct",
   "data": [
    10.2,
    9.7,
    9.2,
    10.6,
    11
   ]
  },
  "remuneration_to_employees_to_total_expenditure": {
   "label": "Remuneration to employees to total expenditure",
   "unit": "pct",
   "data": [
    18.2,
    16.1,
    17.3,
    18.7,
    19
   ]
  },
  "net_sales_to_total_net_assets": {
   "label": "Net sales to total net assets",
   "unit": "pct",
   "data": [
    63.1,
    76.4,
    80.8,
    78.8,
    77.3
   ]
  },
  "debt_to_equity": {
   "label": "Debt to equity",
   "unit": "pct",
   "data": [
    50.9,
    46.2,
    42.1,
    45.2,
    46.9
   ]
  },
  "gross_capital_formation_to_total_uses_of_funds": {
   "label": "Gross capital formation to total uses of funds",
   "unit": "pct",
   "data": [
    53.8,
    45.7,
    49.2,
    45.8,
    48.2
   ]
  },
  "gross_profit_ebit_to_total_net_assets": {
   "label": "Gross profit (EBIT) to total net assets",
   "unit": "pct",
   "data": [
    6.3,
    6.9,
    7,
    7.9,
    8
   ]
  },
  "increase_in_bank_borrowings_to_total_external_sources": {
   "label": "Increase in bank borrowings to total external sources",
   "unit": "pct",
   "data": [
    -11.3,
    7.8,
    5.3,
    14.4,
    16.1
   ]
  },
  "dividends_to_net_worth": {
   "label": "Dividends to net worth",
   "unit": "pct",
   "data": [
    5.5,
    3.4,
    4,
    3.9,
    3.8
   ]
  },
  "profit_after_tax_to_sales": {
   "label": "Profit after tax to sales",
   "unit": "pct",
   "data": [
    3.8,
    3.8,
    3.8,
    5,
    5.6
   ]
  },
  "interest_coverage_ratio_ebit_to_interest": {
   "label": "Interest coverage ratio (EBIT to interest)",
   "unit": "times",
   "data": [
    2.4,
    3,
    2.9,
    3.1,
    3.2
   ]
  },
  "gross_fixed_assets_formation_to_total_uses_of_funds": {
   "label": "Gross fixed assets formation to total uses of funds",
   "unit": "pct",
   "data": [
    48.8,
    32.4,
    39,
    39.7,
    42.4
   ]
  },
  "inventories_to_sales": {
   "label": "Inventories to sales",
   "unit": "pct",
   "data": [
    18.4,
    16.1,
    15.3,
    14.2,
    14.6
   ]
  },
  "net_sales_to_gross_fixed_assets": {
   "label": "Net sales to gross fixed assets",
   "unit": "pct",
   "data": [
    127.6,
    156.8,
    172.7,
    161.2,
    165
   ]
  },
  "current_assets_to_total_net_assets": {
   "label": "Current assets to total net assets",
   "unit": "pct",
   "data": [
    44.2,
    44.8,
    45.9,
    44.5,
    44.8
   ]
  },
  "total_borrowings_to_equity": {
   "label": "Total borrowings to equity",
   "unit": "pct",
   "data": [
    69.3,
    67.2,
    65.3,
    65.5,
    68.2
   ]
  },
  "tax_provision_to_profit_before_tax": {
   "label": "Tax provision to profit before tax",
   "unit": "pct",
   "data": [
    23.8,
    25.3,
    24.3,
    23.3,
    23.3
   ]
  },
  "trade_receivables_to_sales": {
   "label": "Trade receivables to sales",
   "unit": "pct",
   "data": [
    17.2,
    15.5,
    15.3,
    15.5,
    16.1
   ]
  },
  "gross_savings_to_gross_capital_formation": {
   "label": "Gross savings to gross capital formation",
   "unit": "pct",
   "data": [
    91,
    66.5,
    72.7,
    83.4,
    80.1
   ]
  },
  "trade_payables_to_current_assets": {
   "label": "Trade payables to current assets",
   "unit": "pct",
   "data": [
    23,
    23.6,
    23.9,
    22.8,
    22.4
   ]
  },
  "net_worth_to_total_net_assets": {
   "label": "Net worth to total net assets",
   "unit": "pct",
   "data": [
    40.5,
    42.3,
    42.3,
    42,
    41.8
   ]
  },
  "profit_after_tax_to_net_worth": {
   "label": "Profit after tax to net worth",
   "unit": "pct",
   "data": [
    5.7,
    6.4,
    7,
    8.8,
    9.8
   ]
  },
  "operating_profit_to_sales": {
   "label": "Operating profit to sales",
   "unit": "pct",
   "data": [
    12.5,
    11.2,
    10.5,
    11.9,
    11.8
   ]
  },
  "current_assets_to_current_liabilities": {
   "label": "Current assets to current liabilities",
   "unit": "times",
   "data": [
    1.4,
    1.5,
    1.4,
    1.5,
    1.5
   ]
  },
  "short_term_bank_borrowings_to_inventories": {
   "label": "Short term bank borrowings to inventories",
   "unit": "pct",
   "data": [
    17.5,
    21.2,
    21.2,
    20.4,
    22.7
   ]
  },
  "external_sources_of_funds_to_total_sources_of_funds": {
   "label": "External sources of funds to total sources of funds",
   "unit": "pct",
   "data": [
    38.3,
    57.7,
    52.2,
    50.6,
    53.6
   ]
  },
  "quick_assets_to_current_liabilities": {
   "label": "Quick assets to current liabilities",
   "unit": "pct",
   "data": [
    72.3,
    76.1,
    73,
    77.6,
    78.2
   ]
  },
  "net_fixed_assets_to_total_net_assets": {
   "label": "Net fixed assets to total net assets",
   "unit": "pct",
   "data": [
    36,
    33.8,
    31.9,
    33.3,
    32.3
   ]
  },
  "profit_retained_to_profit_after_tax": {
   "label": "Profit retained to profit after tax",
   "unit": "pct",
   "data": [
    53.9,
    74.7,
    67.5,
    71.9,
    71.9
   ]
  },
  "interest_paid_to_total_expenditure": {
   "label": "Interest paid to total expenditure",
   "unit": "pct",
   "data": [
    4.3,
    3.3,
    3.2,
    3.5,
    3.6
   ]
  },
  "cost_of_raw_materials_to_total_expenditure": {
   "label": "Cost of raw materials to total expenditure",
   "unit": "pct",
   "data": [
    49.5,
    55.2,
    54.3,
    50.7,
    52.2
   ]
  },
  "gross_value_added_to_gross_fixed_assets": {
   "label": "Gross value added to gross fixed assets",
   "unit": "pct",
   "data": [
    43.3,
    47,
    52.3,
    53.3,
    53.9
   ]
  },
  "companies": {
   "label": "Number of companies in the study",
   "unit": "count",
   "data": [
    9086,
    9659,
    10639,
    11317,
    15919
   ]
  }
 }
}