Agarwal Industrial Corporation Limited (AGARIND.NS) 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

-335.5%

-₹765.43

vs ₹325.00 price

Levered DCF

-₹558.10

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.05

Grey 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	12.45×	12.83×	11.52×	8.93×	13.2×	4.02×	1.78×	12.44×
P/B	0.79×	2.37×	2.46×	2.04×	2.85×	0.83×	0.29×	1.25×
P/S	0.33×	0.62×	0.59×	0.41×	0.53×	0.18×	0.06×	0.31×
EV / EBITDA	6.92×	8.78×	8.85×	6.58×	8.91×	3.87×	2.7×	6.49×
Gross margin	22.3%	22.2%	10.0%	8.1%	8.7%	9.9%	6.3%	6.5%
Operating margin	3.9%	21.7%	6.8%	5.6%	5.4%	6.6%	5.0%	5.4%
Net margin	2.6%	4.8%	5.1%	4.6%	4.0%	4.5%	3.2%	2.5%
Current ratio	1.15×	1.17×	1.23×	1.53×	1.63×	1.66×	1.43×	2.01×
Debt / equity	0.5×	0.69×	0.71×	0.39×	0.58×	0.76×	0.57×	0.57×
Interest coverage	2.36×	17.34×	6.97×	9.36×	7.54×	6.33×	4.34×	3.09×
Dividend yield	0.9%	0.3%	0.3%	0.4%	0.3%	0.9%	4.0%	0.9%
Payout ratio	11.3%	3.9%	3.4%	3.1%	3.5%	3.8%	7.2%	11.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.3%	18.4%	21.4%	22.9%	21.6%	20.7%	16.2%	10.1%
Return on invested capital	5.0%	42.0%	14.1%	16.9%	15.1%	14.2%	12.7%	8.9%
Return on assets	3.6%	8.6%	9.8%	12.3%	11.7%	10.3%	8.5%	5.9%
Free cash flow yield	16.6%	-4.4%	-12.6%	1.0%	-0.1%	1.8%	-17.0%	15.6%
Earnings yield	8.0%	7.8%	8.7%	11.2%	7.6%	24.9%	56.0%	8.0%
Enterprise value	₹8.1B	₹18.7B	₹15.8B	₹9.5B	₹9.7B	₹2.8B	₹1.3B	₹2.4B
Net debt / EBITDA	2.29×	1.8×	1.79×	0.89×	1.15×	1.62×	1.76×	2×
Cash conversion cycle (days)	25	29	34	29	43	62	60	97