Infosys Limited
Nifty 50
Nifty 100
Nifty 200
Nifty 500
LargeMid 250
F&O
Ratios
Returns X-Ray — ROE vs ROCE vs ROA
| Year | ROE | ROCE | ROA |
|---|---|---|---|
| FY2026 | 31.7% | 39.6% | 19.1% |
| FY2025 | 27.9% | 36.5% | 18.1% |
| FY2024 | 29.8% | 37.8% | 19.3% |
| FY2023 | 32.0% | 40.1% | 19.3% |
| FY2022 | 29.4% | 37.5% | 19.0% |
| FY2021 | 25.4% | 32.8% | 18.1% |
ROE and ROCE are close: returns come mainly from the business, with little help from leverage.
Computed from reported annual figures: ROE = net profit ÷ year-end equity; ROCE = (PBT + interest) ÷ (equity + borrowings); ROA = net profit ÷ total assets. Year-end balances, so values can differ slightly from sites that use averages. Educational data only.
Working-Capital Days
Number of daysDebtor DaysInventory DaysDays Payable
How to read this: these lines track how the company manages day-to-day cash. Debtor days is how long customers take to pay; inventory days is how long stock sits before selling; days payable is how long the company takes to pay its own suppliers. Fewer debtor and inventory days generally means cash comes in faster; more days payable means the company holds its cash longer. The right level varies a lot by industry, so the trend over time matters more than any single number.
Return on Capital Employed
ROCE, in %How to read this: return on capital employed (ROCE) shows how much operating profit the company earns from every unit of capital it uses, as a percentage. A higher, steady line over the years suggests the business uses its capital efficiently. As with most ratios, the multi-year trend tells you more than any single year.
| Period | Debtor Days | Cash Conversion Cycle | Working Capital Days | ROCE % |
|---|---|---|---|---|
| FY2015 | 66 | 66 | 3 | 36 |
| FY2016 | 66 | 66 | 34 | 33 |
| FY2017 | 66 | 66 | 38 | 30 |
| FY2018 | 68 | 68 | 50 | 30 |
| FY2019 | 65 | 65 | 36 | 32 |
| FY2020 | 74 | 74 | 42 | 32 |
| FY2021 | 70 | 70 | 36 | 35 |
| FY2022 | 68 | 68 | 28 | 37 |
| FY2023 | 63 | 63 | 31 | 40 |
| FY2024 | 72 | 72 | 54 | 40 |
| FY2025 | 70 | 70 | 39 | 38 |
| FY2026 | 72 | 72 | 33 | 40 |
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Debtor Days
- The average number of days the company takes to collect payment from its customers after a sale.How a beginner reads it: A beginner reads fewer days as cash coming in faster. A rising trend can mean customers are taking longer to pay, which ties up cash; readers compare it to the company's own past and to peers.
- Cash Conversion Cycle
- The number of days it takes to turn money spent on inventory back into cash from customers: inventory days plus debtor days minus days payable.How a beginner reads it: A beginner reads a shorter cycle as cash being tied up for less time. A negative cycle — paying suppliers after collecting from customers — is generally a sign of strong working-capital efficiency.
- Working Capital Days
- How many days of sales are tied up in the day-to-day running of the business (receivables and inventory, net of payables).How a beginner reads it: A beginner watches the trend: fewer days means less cash locked into operations. A steadily rising figure can mean growth is consuming more and more cash to sustain.
- ROCE %
- Return on Capital Employed — operating profit as a percentage of the total capital (equity plus debt) the business uses. It measures how efficiently the company turns all its capital into operating profit.How a beginner reads it: A beginner uses ROCE to judge how well a company uses every rupee of capital, regardless of how it is financed. Consistency over many years often matters more to readers than a single high year.