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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
+72.3%
₹1,834.76
vs ₹1,064.60 price
Levered DCF
₹1,670.64
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
—
Rating
B-
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E21.47×36.53×58.29×28.24×26.66×21.96×7.49×23.88×
P/B4.43×9.26×15.55×5.28×3.71×3.35×0.89×3.06×
P/S2.72×4.5×6.57×2.25×1.72×1.43×0.34×1×
EV / EBITDA14.4×24.61×39.73×18.44×17.28×13.21×4.94×12.88×
Gross margin26.7%27.3%26.3%24.9%28.1%26.0%33.8%29.7%
Operating margin14.8%14.7%13.8%10.6%8.6%9.0%7.1%6.7%
Net margin12.7%12.3%11.3%8.0%6.4%6.5%4.5%4.2%
Current ratio1.33×1.22×1.38×1.38×1.38×1.2×1.05×1.13×
Debt / equity0×0.01×0×0.01×0.01×0.1×0.19×0.12×
Interest coverage21.98×39.7×17.35×22.19×14.68×8.99×5.56×7.77×
Dividend yield0.3%0.2%0.1%0.1%0.2%0.0%3.5%0.5%
Payout ratio5.7%5.8%3.6%4.2%5.4%0.0%26.3%12.6%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity20.6%25.3%26.7%18.7%13.9%15.3%11.9%12.8%
Return on invested capital17.8%22.1%24.3%17.9%13.7%13.6%11.6%11.7%
Return on assets12.8%15.1%15.1%10.7%8.2%7.6%5.5%6.3%
Free cash flow yield4.2%1.3%1.4%4.1%2.0%2.4%-10.0%3.1%
Earnings yield4.7%2.7%1.7%3.5%3.8%4.6%13.3%4.2%
Enterprise value₹88.4B₹149.2B₹190.8B₹48.3B₹28B₹17.7B₹4.7B₹13.8B
Net debt / EBITDA-0.11×-0.06×-0.09×-0.05×0.02×0.16×0.83×0.42×
Cash conversion cycle (days)-16-15-11118412313