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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
+477.1%
₹2,437.10
vs ₹422.30 price
Levered DCF
-₹4,160.46
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
—
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E17.77×19.75×18.74×25.8×31.59×38.22×56.22×51×
P/B2.58×2.83×3.16×3.8×4.47×4.97×4.56×9.7×
P/S5.28×6.35×5.97×7.47×8.72×18.43×20.98×14.89×
EV / EBITDA26.08×14.19×14.17×17.25×18.31×2,088.53×1,635.16×2,938.54×
Gross margin61.3%85.3%85.0%84.7%86.5%100.0%100.0%100.0%
Operating margin40.4%75.1%74.6%74.8%78.2%72.9%65.3%65.5%
Net margin29.7%32.2%31.8%29.0%27.6%46.8%37.1%29.0%
Current ratio0.27×2×1.6×1.2×1.72×0×0×0×
Debt / equity2.49×2.56×3.14×3.29×3.39×3.85×4.09×9.47×
Interest coverage0×1.84×1.81×1.8×1.71×0×0×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.2%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%10.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.5%14.3%16.8%14.7%14.1%12.6%8.1%18.9%
Return on invested capital4.4%7.3%7.4%6.9%7.1%2.6%1.6%2.2%
Return on assets4.0%3.9%3.9%3.3%3.1%2.5%1.5%1.7%
Free cash flow yield8.5%-16.9%-18.3%-8.3%-6.5%-9.0%-16.7%-30.8%
Earnings yield5.6%5.1%5.3%3.9%3.2%2.5%1.8%1.9%
Enterprise value₹375B₹334.5B₹276.5B₹258B₹241.4B₹233.7B₹189.4B₹155.4B
Net debt / EBITDA12.54×6.55×6.97×7.85×7.65×892.12×711×1,361.24×
Cash conversion cycle (days)-29325313260248109136114