Adeshwar Meditex Limited (ADESHWAR.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

+31.6%

₹22.58

vs ₹17.15 price

Levered DCF

₹14.35

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.25

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.3×	11.19×	21.94×	21.88×	57.27×	27.16×	15.37×	13.94×
P/B	0.64×	0.62×	1.26×	1.38×	1.47×	2.21×	1.72×	1.99×
P/S	0.44×	0.27×	0.55×	0.55×	0.7×	0.69×	0.58×	0.59×
EV / EBITDA	10.59×	7.05×	10.64×	11.01×	17.75×	13.65×	9.78×	9.39×
Gross margin	10.1%	11.1%	10.2%	13.2%	12.1%	14.0%	18.1%	12.4%
Operating margin	4.2%	4.6%	5.6%	12.4%	11.7%	6.3%	8.9%	6.5%
Net margin	2.3%	2.5%	2.5%	2.5%	1.2%	2.6%	3.8%	4.3%
Current ratio	4.52×	2.03×	2.06×	1.9×	1.76×	1.59×	1.71×	1.76×
Debt / equity	0.16×	0.34×	0.4×	0.5×	0.61×	1.09×	1.13×	1.26×
Interest coverage	3.83×	2.9×	2.33×	4.96×	3.72×	1.9×	1.98×	1.55×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	5.6%	5.8%	6.3%	2.6%	8.1%	11.2%	14.2%
Return on invested capital	3.6%	5.7%	6.6%	14.6%	9.9%	6.9%	8.9%	6.8%
Return on assets	2.5%	2.9%	3.1%	3.1%	1.1%	2.7%	3.9%	5.1%
Free cash flow yield	18.1%	15.9%	7.7%	6.7%	-7.9%	6.2%	-11.2%	-26.7%
Earnings yield	5.2%	9.0%	4.6%	4.6%	1.7%	3.7%	6.5%	7.2%
Enterprise value	₹303.9M	₹326.1M	₹567.4M	₹599.8M	₹636.1M	₹668.4M	₹536.5M	₹511.8M
Net debt / EBITDA	2.08×	2.09×	2.39×	2.67×	5.06×	4.37×	3.87×	3.63×
Cash conversion cycle (days)	249	188	178	167	232	207	237	225