AF Enterprises Limited (AFEL.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

+877.3%

₹18.37

vs ₹1.88 price

Levered DCF

-₹11.88

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

—

Ratios by fiscal year

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

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	44.88×	8.92×	86.07×	5.1×	1.62×	1.9×	-0.43×	1.59×
P/B	0.24×	0.4×	5.06×	0.5×	0.5×	0.43×	0.59×	0.34×
P/S	0.95×	0.54×	1.93×	0.14×	0.04×	0.03×	0.08×	0.23×
EV / EBITDA	12.56×	8.32×	31.22×	2.22×	1.16×	2.11×	-0.52×	1.19×
Gross margin	47.2%	-6.4%	13.0%	12.1%	16.1%	5.4%	-23.0%	27.5%
Operating margin	-21.9%	-17.7%	-0.9%	1.8%	-6.3%	2.5%	-26.9%	20.2%
Net margin	2.1%	6.0%	2.2%	2.8%	3.2%	1.6%	-19.6%	20.4%
Current ratio	1.34×	1.27×	1.13×	1.05×	0.97×	0.97×	0.92×	1.61×
Debt / equity	0.24×	0.22×	0.36×	0.37×	0.78×	0.32×	0.37×	0.06×
Interest coverage	-9.37×	-14.74×	-2.73×	7.83×	-29.48×	33.02×	-220.68×	107.52×
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	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	0.5%	4.4%	5.9%	9.8%	43.7%	22.8%	-139.5%	29.9%
Return on invested capital	9.9%	-10.6%	-1.1%	3.0%	-43.6%	26.8%	-103.9%	27.7%
Return on assets	0.1%	1.0%	0.8%	0.8%	1.8%	1.3%	-13.0%	11.3%
Free cash flow yield	-0.4%	-119.3%	-9.8%	-58.0%	-82.5%	22.2%	-6.1%	-6.3%
Earnings yield	2.2%	11.2%	1.2%	19.7%	86.9%	52.7%	-234.8%	88.5%
Enterprise value	₹155M	₹199.3M	₹990.4M	₹74.8M	₹50.7M	₹13.8M	₹16.4M	₹15.4M
Net debt / EBITDA	5.99×	2.85×	1.7×	0.64×	0.7×	0.64×	-0.2×	0.12×
Cash conversion cycle (days)	-1,504	604	-2	9	-37	8	-2	230