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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
+49.2%
₹406.19
vs ₹272.25 price
Levered DCF
₹386.50
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
—
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E16.93×24.63×30.18×24.55×26.36×26.39×12.31×18.66×
P/B1.75×2.27×3.04×2.1×2.9×3.97×1.9×3.05×
P/S3.83×5.07×6.45×4.8×5.96×7.7×3.6×4.96×
EV / EBITDA10.07×13.89×17.42×14.15×13.97×15.34×7.39×11.07×
Gross margin47.0%48.2%74.4%73.5%77.4%78.9%80.3%80.5%
Operating margin25.3%24.8%27.7%24.0%32.3%58.1%40.1%39.2%
Net margin22.6%20.6%21.4%19.5%22.6%29.2%29.3%26.6%
Current ratio9.78×9.09×7.61×9.3×10×7.64×6.31×4.33×
Debt / equity0.02×0.03×0.04×0.03×0.03×0.03×0.04×0.05×
Interest coverage71.91×44.39×41.94×37.29×57.87×113.17×48.84×31.51×
Dividend yield2.1%1.8%1.4%0.5%0.4%0.2%0.7%0.4%
Payout ratio35.4%45.0%42.5%11.9%9.9%5.5%8.1%7.2%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity10.3%9.2%10.1%8.6%11.0%15.0%15.4%16.4%
Return on invested capital8.1%7.3%8.7%7.1%10.1%19.0%14.0%15.1%
Return on assets9.2%8.1%8.7%7.4%9.4%12.7%13.2%13.7%
Free cash flow yield4.2%3.6%2.5%3.9%3.0%3.7%5.7%5.6%
Earnings yield5.9%4.1%3.3%4.1%3.8%3.8%8.1%5.4%
Enterprise value₹27.7B₹31.6B₹39.6B₹25.3B₹29.2B₹36.9B₹15.4B₹20.8B
Net debt / EBITDA-0.3×-0.3×-0.29×-0.35×-1.11×-0.68×-0.24×0.06×
Cash conversion cycle (days)198222362345378276358354