Do ratios jo profit se zyada business ki quality batate hain — aur inka jaal bhi
Published by The Retail Trader · AUG 09, 2026 · Features
Do companies ek jaisa profit kamati hain. Ek ne wo profit ₹100 crore laga kar kamaya, doosri ne ₹1,000 crore laga kar. Profit barabar hai, business barabar nahi hai. Yahi farq ROE aur ROCE naapte hain.
Return on equity ye batata hai ki shareholders ke paise par company kitna kama rahi hai. Zyada ROE ka matlab hai ki company aapke rupaye ko achhe se kaam par laga rahi hai.
Par ROE ka ek dhokha hai: agar company ne bahut zyada udhaar le rakha ho to equity chhoti reh jaati hai aur ROE apne aap bada dikhne lagta hai — business behtar hue bina.
Return on capital employed shareholders ke paise ke saath udhaar ko bhi ginta hai. Isliye ye leverage ke dhokhe ko kaafi hadd tak hata deta hai.
Isi wajah se leverage wale sectors mein ROE aur ROCE ke beech ka bada faasla khud ek signal hota hai: ROE bahut zyada aur ROCE kam matlab kamai ka bada hissa udhaar ki wajah se dikh raha hai.
Koi ek jaadui number nahi hai. Alag industries ki capital ki zaroorat alag hoti hai. Ek software company ko factory nahi chahiye, ek steel company ko chahiye — dono ke ratios ek jaise nahi ho sakte.
Isliye dekhne ka tarika ye hai:
• Consistency — 5-7 saal mein ratio sthir raha hai ya har saal upar-neeche naach raha hai.
• Direction — dheere-dheere badh raha hai ya ghat raha hai. Trend akele number se zyada bolta hai.
• Peers ke saath — usi industry ki companies ke saath tulna, na ki poore market ke saath.
• Growth ke saath — badhta hua business jo apna ratio bhi bacha ke rakhta hai, wo sabse mushkil aur sabse keemti combination hai.
Bahut zyada ROE kabhi-kabhi is baat ka nishan hota hai ki company apna paisa business mein dobara nahi laga pa rahi. Agar wo saara profit baant rahi hai aur growth ke liye jagah nahi hai, to ratio sundar hai par kahani chhoti hai.
Ratios business ko replace nahi karte. Wo sirf ek tez tarika hain ye poochhne ka ki 'yahan aage kya poochhna chahiye'.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.