Aditya Birla Fashion and Retail Limited (ABFRL.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

+518.4%

₹243.64

vs ₹39.40 price

Levered DCF

₹180.25

After debt service

Piotroski score

1 / 9

Weak

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	-8.45×	-16.84×	-8.53×	-188.39×	-85.51×	-8.17×	-23.85×	17.8×
P/B	1.12×	0.93×	1.69×	2.03×	3.37×	2.08×	3.7×	4.06×
P/S	0.8×	0.86×	1.06×	0.55×	1.15×	1.05×	0.45×	0.71×
EV / EBITDA	13.23×	15.13×	15.64×	8.43×	12×	15.67×	7.36×	12.49×
Gross margin	25.7%	54.0%	49.2%	53.1%	51.9%	48.1%	49.8%	49.4%
Operating margin	-8.0%	27.7%	23.1%	28.0%	29.2%	29.1%	27.9%	19.4%
Net margin	-9.5%	-5.1%	-9.7%	-0.3%	-1.3%	-12.8%	-1.9%	4.0%
Current ratio	1.25×	1.55×	1.01×	1×	0.92×	0.92×	0.73×	0.81×
Debt / equity	1.06×	0.74×	2.34×	1.97×	1.48×	1.36×	4.95×	0.84×
Interest coverage	-1.27×	3.38×	1.67×	6.83×	6.15×	2.9×	5.26×	7.09×
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	-13.3%	-5.5%	-15.6%	-1.1%	-3.9%	-25.4%	-15.3%	22.5%
Return on invested capital	-4.0%	12.9%	7.7%	21.6%	24.7%	19.3%	36.8%	48.6%
Return on assets	-4.4%	-2.3%	-2.8%	-0.2%	-0.9%	-6.6%	-1.7%	4.9%
Free cash flow yield	-7.3%	15.9%	8.7%	-0.7%	6.5%	17.2%	8.3%	4.2%
Earnings yield	-11.8%	-5.9%	-9.2%	-0.5%	-1.2%	-12.3%	-4.1%	5.5%
Enterprise value	₹122.6B	₹105.8B	₹158.1B	₹126.7B	₹133.1B	₹88.4B	₹89.6B	₹69.4B
Net debt / EBITDA	6.16×	6.07×	8.9×	3.92×	3.59×	5.94×	4.12×	2.05×
Cash conversion cycle (days)	47	41	117	52	-8	1	43	-7