Adcon Capital Services Limited (ADCON.BO) 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

-3146.8%

-₹14.02

vs ₹0.46 price

Levered DCF

-₹3.97

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-0.37

Distress zone

Rating

D+

Overall 1 / 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	-4.56×	11.46×	30.15×	-89.32×	25.31×	39.88×	447.73×	135.53×
P/B	0.31×	0.74×	0.84×	2.03×	2.58×	1.29×	2.03×	2.14×
P/S	2.12×	7.72×	17×	132.43×	15.19×	16.53×	28.04×	31.11×
EV / EBITDA	-3.32×	8.99×	59.24×	-90.75×	21.09×	33.55×	81.8×	128.01×
Gross margin	54.6%	98.2%	93.2%	78.8%	89.4%	80.3%	77.5%	75.4%
Operating margin	-62.1%	84.7%	28.6%	-145.8%	72.0%	48.6%	34.0%	24.1%
Net margin	-46.4%	67.3%	19.3%	-148.4%	60.1%	41.4%	6.3%	23.1%
Current ratio	0.11×	4.49×	166.16×	14.3×	602.64×	1,603.7×	41.7×	925.79×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	-839.5×	0×	0×	0×	0×
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	-6.9%	6.4%	1.0%	-2.3%	10.2%	3.2%	0.5%	1.6%
Return on invested capital	-6.8%	6.4%	0.9%	-2.2%	10.1%	3.2%	2.0%	1.5%
Return on assets	-3.6%	5.0%	0.9%	-2.3%	10.0%	3.2%	0.5%	1.6%
Free cash flow yield	154.3%	-5.2%	-6.3%	-43.3%	2.4%	-0.6%	-0.1%	-2.7%
Earnings yield	-22.0%	8.7%	1.1%	-1.1%	4.0%	2.5%	0.2%	0.7%
Enterprise value	₹94.4M	₹246.9M	₹271M	₹609.5M	₹104.6M	₹46.3M	₹71M	₹74.3M
Net debt / EBITDA	0.09×	-0.12×	-0.16×	0.05×	-0.01×	-0.46×	-0.6×	-0.87×
Cash conversion cycle (days)	13	4,286	4,964	15,007	1,311	1,909	0	0