Aarti Surfactants Limited (AARTISURF.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

-87.9%

₹56.04

vs ₹464.80 price

Levered DCF

₹454.84

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 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	22.01×	24.3×	21.76×	27.27×	102×	32.64×	174.02×	-55.94×
P/B	1.11×	1.52×	2.13×	2.06×	4.19×	5.32×	3.27×	2.67×
P/S	0.32×	0.54×	0.79×	0.58×	1×	1.52×	1.13×	1.17×
EV / EBITDA	7.73×	11.04×	8.96×	10.22×	22.49×	18.71×	20.21×	94.01×
Gross margin	11.0%	18.9%	16.9%	20.7%	13.9%	16.0%	12.4%	6.6%
Operating margin	3.4%	15.9%	7.3%	4.9%	2.9%	6.8%	4.1%	-1.2%
Net margin	1.4%	2.2%	3.6%	2.1%	1.0%	4.7%	0.7%	-2.1%
Current ratio	1.32×	1.35×	1.54×	1.28×	1.17×	1.07×	0.99×	0.98×
Debt / equity	0.43×	0.47×	0.45×	0.89×	1.19×	1.15×	0.98×	0.71×
Interest coverage	2.37×	9.06×	3.06×	1.99×	1.56×	3×	1.27×	-1.5×
Dividend yield	0.3%	0.0%	0.0%	0.0%	0.4%	0.0%	0.0%	0.0%
Payout ratio	6.9%	0.0%	0.0%	0.0%	41.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.0%	6.3%	9.8%	7.6%	4.0%	16.3%	1.9%	-4.8%
Return on invested capital	5.5%	19.7%	8.3%	6.2%	3.2%	10.1%	4.1%	-1.5%
Return on assets	2.4%	3.0%	5.1%	3.2%	1.4%	5.6%	0.8%	-2.3%
Free cash flow yield	7.4%	-2.6%	7.7%	4.0%	0.1%	-3.6%	-1.8%	-11.3%
Earnings yield	4.5%	4.1%	4.6%	3.7%	1.0%	3.1%	0.6%	-1.8%
Enterprise value	₹3.6B	₹4.6B	₹5.6B	₹4.9B	₹7.3B	₹8.5B	₹4.7B	₹4.6B
Net debt / EBITDA	1.94×	2.6×	1.49×	2.96×	4.94×	3.19×	4.66×	19.78×
Cash conversion cycle (days)	43	71	71	66	48	51	75	54