First Custodian Fund India Ltd. (1STCUS.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-9.7%

₹59.35

vs ₹65.74 price

Levered DCF

₹27.63

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-41.44×	9.14×	4.52×	12.14×	8.25×	27.1×	35×	0×
P/B	0.75×	1.03×	0.53×	0.46×	0.69×	0.4×	0.45×	0.44×
P/S	23.85×	5.22×	3.17×	4.67×	4.45×	6.28×	7.6×	6.37×
EV / EBITDA	-56.69×	5.78×	2.83×	7.33×	5.53×	10.43×	11.38×	10.92×
Gross margin	51.9%	96.2%	88.3%	89.1%	94.9%	87.6%	85.6%	88.6%
Operating margin	-55.2%	72.1%	72.3%	57.0%	73.1%	40.4%	35.7%	10.6%
Net margin	-57.6%	57.1%	70.2%	38.4%	54.0%	23.1%	21.7%	39.6%
Current ratio	352.8×	29.89×	143×	9.97×	5.31×	5.62×	3.24×	5.37×
Debt / equity	0×	0×	0.01×	0.01×	0.02×	0.01×	0.02×	0.07×
Interest coverage	0×	207.22×	8.41×	5.14×	24.63×	9.5×	8.93×	2.02×
Dividend yield	1.3%	0.9%	2.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-55.2%	8.6%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1.8%	11.2%	11.8%	3.8%	8.4%	1.5%	1.3%	2.8%
Return on invested capital	-1.7%	11.2%	9.8%	4.6%	8.4%	1.6%	1.5%	0.2%
Return on assets	-1.8%	10.8%	11.4%	3.4%	7.0%	1.2%	0.9%	2.8%
Free cash flow yield	0.2%	11.9%	42.4%	-8.1%	-15.4%	-39.6%	67.2%	20.2%
Earnings yield	-2.4%	10.9%	22.1%	8.2%	12.1%	3.7%	2.9%	6.2%
Enterprise value	₹85.8M	₹133M	₹64.3M	₹58.3M	₹80M	₹36.9M	₹35.3M	₹49.2M
Net debt / EBITDA	17.71×	-1.13×	-0.44×	0.16×	-0.2×	-1.87×	-4.37×	-0.63×
Cash conversion cycle (days)	630	-29	242	-1,318	-6,661	-7,402	-14,365	-47,255