Aditya Birla Capital Limited (ABCAPITAL.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

+3525.6%

₹13,800.66

vs ₹380.65 price

Levered DCF

-₹19,926.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.42

Distress zone

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	20.28×	14.38×	13.93×	7.74×	15.25×	25.55×	10.36×	26.1×
P/B	2.22×	1.59×	1.73×	1.83×	1.68×	2.1×	0.76×	2.39×
P/S	1.67×	2.56×	2.68×	3.13×	2.95×	3.49×	1.13×	1.5×
EV / EBITDA	43.97×	12.3×	12.47×	11.31×	13.7×	13.88×	10.22×	14.05×
Gross margin	44.1%	48.6%	56.0%	60.1%	60.3%	52.4%	44.7%	40.5%
Operating margin	14.3%	25.6%	26.1%	47.5%	26.0%	18.7%	15.2%	35.6%
Net margin	8.3%	17.6%	19.2%	40.4%	19.4%	13.6%	10.9%	5.7%
Current ratio	0×	0×	1.13×	1.23×	0.23×	1.87×	2.28×	1×
Debt / equity	5.22×	4.59×	4.11×	4.17×	3.77×	3.86×	4.45×	5.94×
Interest coverage	0.56×	0.5×	0.59×	1.19×	0.66×	0.39×	0.28×	1.32×
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	10.9%	11.0%	12.4%	23.6%	11.0%	8.2%	7.3%	9.2%
Return on invested capital	1.4%	0.7%	1.5%	2.7%	149.6%	0.9%	0.8%	3.8%
Return on assets	1.1%	1.2%	1.4%	2.7%	1.2%	0.9%	0.8%	0.8%
Free cash flow yield	10.1%	-58.7%	-52.7%	-65.4%	-20.2%	-1.6%	42.0%	-45.8%
Earnings yield	4.9%	6.9%	7.2%	12.9%	6.6%	3.9%	9.6%	3.8%
Enterprise value	₹2.5T	₹1.8T	₹1.6T	₹1.2T	₹823.7B	₹791.1B	₹626.9B	₹785.1B
Net debt / EBITDA	30.6×	9.05×	8.73×	7.81×	9.38×	8.83×	8.67×	9.98×
Cash conversion cycle (days)	-18	-76	-101	-184	-1,177	-160	-74	-34