A-1 Ltd (A1L.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

-77.1%

₹1.18

vs ₹5.15 price

Levered DCF

-₹2.93

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.26

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	122.23×	3.71×	9.15×	2.66×	1.19×	0.92×	0.43×	0.3×
P/B	13.55×	0.27×	0.21×	0.2×	0.16×	0.06×	0.04×	0.04×
P/S	2.14×	0.04×	0.05×	0.03×	0.02×	0.02×	0.01×	0.01×
EV / EBITDA	63.81×	3.22×	2.32×	2.23×	2.53×	2.45×	0.97×	1.82×
Gross margin	3.9%	11.8%	11.8%	2.1%	3.8%	4.0%	4.7%	0.9%
Operating margin	2.7%	4.0%	1.2%	0.1%	1.9%	0.7%	0.7%	-1.5%
Net margin	1.7%	1.1%	0.5%	1.1%	2.0%	1.9%	2.8%	3.0%
Current ratio	1.73×	2.49×	3.48×	3.2×	2.03×	2.67×	4.97×	3.35×
Debt / equity	0.77×	0.43×	0.22×	0.29×	0.56×	0.41×	0.18×	0.42×
Interest coverage	5.59×	0×	3.36×	0.23×	4.84×	1.55×	0.98×	-1.81×
Dividend yield	0.2%	12.7%	17.3%	18.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	28.8%	47.2%	157.3%	47.7%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	7.3%	2.3%	7.5%	13.6%	6.8%	8.5%	12.1%
Return on invested capital	7.1%	13.7%	2.8%	0.5%	5.9%	1.2%	1.4%	-3.1%
Return on assets	5.7%	5.0%	1.8%	5.3%	7.9%	4.5%	6.6%	7.9%
Free cash flow yield	-2.8%	-91.2%	101.0%	147.4%	-115.9%	-418.5%	454.3%	-1161.3%
Earnings yield	0.8%	26.9%	11.0%	37.6%	84.1%	108.4%	230.4%	329.7%
Enterprise value	₹7.7B	₹330.1M	₹140.9M	₹237.1M	₹333.8M	₹186.6M	₹75.8M	₹155.5M
Net debt / EBITDA	3.43×	1.9×	0.68×	1.32×	1.96×	2.12×	0.79×	1.67×
Cash conversion cycle (days)	79	57	56	46	60	105	103	82