Aakash Exploration Services Limited (AAKASH.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

-242.4%

-₹10.89

vs ₹7.65 price

Levered DCF

-₹8.40

After debt service

Piotroski score

5 / 9

Average

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	22.6×	43.22×	15.9×	13.22×	41.42×	31.71×	10.52×	6.82×
P/B	1.24×	1.31×	1.68×	1.15×	5.27×	3.17×	1.37×	0.69×
P/S	0.7×	0.8×	1.06×	0.65×	3.27×	2.2×	0.76×	0.44×
EV / EBITDA	7.02×	8.72×	6.97×	5.63×	16.9×	11.16×	4.79×	4.95×
Gross margin	41.4%	40.1%	46.4%	39.7%	47.1%	50.3%	24.2%	48.2%
Operating margin	4.9%	3.0%	10.4%	7.1%	11.9%	11.6%	13.4%	7.6%
Net margin	3.1%	1.9%	6.7%	4.9%	8.0%	6.9%	7.2%	6.4%
Current ratio	0.84×	0.91×	1.21×	0.71×	1.25×	1.33×	1.23×	2.44×
Debt / equity	0.42×	0.39×	0.44×	0.47×	0.34×	0.44×	0.64×	0.83×
Interest coverage	2.86×	1.49×	5.4×	3.92×	6.67×	3.73×	3.53×	3.23×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	5.5%	3.0%	10.6%	8.7%	12.8%	10.0%	13.0%	10.1%
Return on invested capital	4.2%	2.4%	8.3%	6.2%	10.5%	8.6%	10.6%	4.5%
Return on assets	3.3%	1.9%	6.6%	5.4%	8.6%	6.3%	7.3%	5.2%
Free cash flow yield	-8.0%	-1.1%	6.8%	-9.3%	-0.2%	8.2%	11.1%	-46.4%
Earnings yield	4.4%	2.3%	6.3%	7.5%	2.4%	3.1%	9.5%	14.6%
Enterprise value	₹1.1B	₹1B	₹1.2B	₹834.3M	₹2.7B	₹1.5B	₹745.5M	₹493.9M
Net debt / EBITDA	1.77×	1.99×	1.42×	1.56×	1.01×	1.29×	1.51×	2.67×
Cash conversion cycle (days)	53	55	74	34	74	62	75	110