20 Microns Limited (20MICRONS.NS) 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

+50.5%

₹267.33

vs ₹177.59 price

Levered DCF

₹255.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.18

Safe zone

Rating

Overall 4 / 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	7.03×	11.7×	9.09×	6.27×	7.54×	5.4×	3.74×	5.69×
P/B	0.97×	1.7×	1.44×	0.89×	1.04×	0.58×	0.48×	0.85×
P/S	0.49×	0.8×	0.66×	0.37×	0.43×	0.26×	0.17×	0.3×
EV / EBITDA	4.3×	7.12×	5.86×	4.03×	4.55×	3.68×	3.24×	3.73×
Gross margin	35.8%	47.0%	35.7%	46.1%	36.0%	34.0%	35.5%	38.5%
Operating margin	10.8%	38.8%	11.9%	10.3%	10.8%	9.7%	10.3%	12.3%
Net margin	7.0%	6.8%	7.2%	6.0%	5.7%	4.8%	4.6%	5.2%
Current ratio	1.92×	1.71×	1.75×	1.53×	1.33×	1.23×	1.19×	1.16×
Debt / equity	0.32×	0.38×	0.35×	0.37×	0.49×	0.49×	0.66×	0.74×
Interest coverage	5.98×	19.59×	5.59×	4.09×	3.27×	1.84×	2.52×	2.69×
Dividend yield	0.9%	0.6%	0.5%	0.0%	0.0%	0.0%	2.3%	1.1%
Payout ratio	6.6%	7.1%	4.7%	0.0%	0.0%	0.0%	8.8%	6.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.8%	14.5%	15.9%	14.2%	13.8%	10.7%	12.8%	14.9%
Return on invested capital	11.2%	42.8%	13.3%	12.4%	12.0%	13.6%	11.1%	12.0%
Return on assets	8.8%	8.7%	9.5%	8.0%	6.7%	5.1%	5.4%	6.2%
Free cash flow yield	13.1%	-6.2%	6.8%	19.3%	3.0%	33.5%	29.1%	23.7%
Earnings yield	14.2%	8.5%	11.0%	16.0%	13.3%	18.5%	26.8%	17.6%
Enterprise value	₹5.5B	₹8.6B	₹5.8B	₹3.5B	₹3.7B	₹2.2B	₹2.1B	₹2.6B
Net debt / EBITDA	0.64×	1.1×	0.73×	1.01×	1.35×	1.64×	1.83×	1.69×
Cash conversion cycle (days)	116	126	101	86	89	77	68	75