2025, Vol. 6, Issue 2, Part T

This study applies DuPont analysis to evaluate the financial performance of selected NBFCs, breaking down Return on Equity, Net interest margin, profitability, asset efficiency, and leverage to provide a holistic perspective. By adapting the framework to the specific dynamics of NBFCs, the analysis demonstrates its value in supporting strategic decision-making, investment assessment, and regulatory review. The accompanying statistical evaluation using two-factor ANOVA indicates no significant variation across fiscal years in key performance metrics, including Asset Turnover and Equity Multiplier. Results suggest stability over the period FY21 to FY25, with consistent averages and low variances. However, anomalies in sample and interaction effects largely due to replication limitations highlight the importance of robust data structures for valid interpretation. The findings underscore both the usefulness of DuPont analysis in NBFC performance evaluation and the need for careful statistical design when applying ANOVA to financial data. The stability observed in ratios reflect consistent operational performance, while methodological constraints caution against overinterpretation of interaction effects.