Aarnav Fashions Ltd. (AARNAV.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

-58.6%

₹12.64

vs ₹30.50 price

Levered DCF

₹52.60

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	9.81×	12.81×	21×	309.3×	12.64×	15.02×	14.94×	46.55×
P/B	0.47×	0.63×	0.66×	0.68×	0.24×	0.25×	1.66×	2.31×
P/S	0.2×	0.31×	0.33×	0.3×	0.1×	0.17×	0.98×	5.31×
EV / EBITDA	6.4×	7.14×	8.27×	12.87×	6.12×	10.58×	11.29×	32.16×
Gross margin	21.1%	31.5%	32.0%	8.5%	8.4%	7.9%	9.2%	23.3%
Operating margin	4.7%	5.7%	29.5%	3.1%	5.9%	5.4%	8.6%	16.4%
Net margin	2.0%	2.4%	1.6%	0.1%	2.2%	2.1%	6.5%	11.4%
Current ratio	1.65×	1.54×	1.49×	1.47×	1.51×	1.53×	2.74×	8.4×
Debt / equity	0.56×	0.53×	0.61×	0.74×	0.88×	0.87×	0×	0×
Interest coverage	2.32×	2.11×	8.64×	1.08×	2.07×	2.19×	17,354×	20.76×
Dividend yield	0.0%	1.8%	0.0%	0.6%	1.8%	1.8%	0.0%	0.0%
Payout ratio	0.0%	22.9%	0.0%	196.7%	8.1%	14.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	5.0%	3.1%	0.2%	5.4%	3.2%	11.1%	5.0%
Return on invested capital	4.7%	5.2%	24.7%	1.5%	5.2%	2.7%	11.1%	5.2%
Return on assets	2.3%	2.4%	1.4%	0.1%	1.9%	1.1%	7.1%	4.4%
Free cash flow yield	-5.9%	19.0%	16.4%	34.6%	35.8%	-702.1%	-43.0%	-0.8%
Earnings yield	10.2%	7.8%	4.8%	0.3%	22.2%	12.8%	6.7%	2.2%
Enterprise value	₹2B	₹2.2B	₹2.3B	₹2.4B	₹1.9B	₹1.8B	₹345.4M	₹83.3M
Net debt / EBITDA	3.42×	3.26×	3.97×	6.67×	4.79×	8.19×	-0.01×	-0.24×
Cash conversion cycle (days)	164	200	211	176	191	291	207	801