Aditya Birla Sun Life AMC Limited (ABSLAMC.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

+71.5%

₹1,397.12

vs ₹814.55 price

Levered DCF

₹1,076.06

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

40.74

Safe zone

Rating

A-

Overall 4 / 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	26.02×	19.88×	17.1×	15.03×	22.85×	38.28×	40.74×	45.1×
P/B	6.28×	4.96×	4.21×	3.56×	7×	11.82×	15.3×	16.5×
P/S	12.32×	10.97×	9.86×	7.31×	11.89×	18.86×	17.37×	15.18×
EV / EBITDA	19.35×	14.34×	12.76×	10.79×	16.43×	27.27×	28.69×	29.5×
Gross margin	94.6%	76.4%	76.3%	79.5%	82.3%	73.4%	74.4%	64.8%
Operating margin	61.6%	56.4%	53.8%	54.7%	60.7%	52.8%	51.0%	43.1%
Net margin	47.3%	55.2%	57.7%	48.6%	52.0%	49.3%	42.6%	33.7%
Current ratio	0.85×	2.54×	11.93×	3.28×	8.74×	7.75×	7.94×	5.44×
Debt / equity	0.02×	0.02×	0.02×	0.02×	0.02×	0.03×	0.05×	0.06×
Interest coverage	253.17×	162.72×	129.29×	172.14×	161.35×	101.47×	108.73×	99.65×
Dividend yield	2.7%	2.1%	1.1%	3.5%	1.5%	0.7%	2.0%	1.8%
Payout ratio	71.0%	41.8%	19.4%	52.4%	34.5%	26.6%	80.5%	80.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.1%	25.0%	24.6%	23.7%	30.6%	30.9%	37.5%	36.6%
Return on invested capital	23.2%	17.5%	16.8%	18.4%	25.9%	23.9%	30.9%	29.9%
Return on assets	22.1%	22.6%	22.3%	21.4%	27.6%	26.5%	31.5%	29.8%
Free cash flow yield	3.2%	3.7%	4.9%	4.7%	3.6%	2.5%	2.4%	1.5%
Earnings yield	3.8%	5.0%	5.8%	6.7%	4.4%	2.6%	2.5%	2.2%
Enterprise value	₹253.7B	₹185B	₹133.8B	₹89.8B	₹153.6B	₹201.5B	₹201.6B	₹201.8B
Net debt / EBITDA	0×	0.02×	0.04×	0.02×	-0.01×	0×	0.02×	0.05×
Cash conversion cycle (days)	-223	-50	-55	-101	7	-38	-12	-47