AIA Engineering Limited (AIAENG.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

+41.4%

₹4,641.54

vs ₹3,281.90 price

Levered DCF

₹3,392.29

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

42.15

Safe zone

Rating

Overall 2 / 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	26.72×	28.89×	33.12×	25.93×	24.7×	34.2×	22.26×	32.78×
P/B	4.23×	4.42×	5.65×	4.81×	3.22×	4.56×	3.55×	4.77×
P/S	7.68×	7.15×	7.75×	5.58×	4.29×	6.72×	4.42×	5.45×
EV / EBITDA	19.37×	26.71×	28.37×	22.26×	20.88×	29.04×	19.29×	25.24×
Gross margin	47.9%	58.9%	56.8%	57.4%	58.2%	59.7%	60.3%	59.6%
Operating margin	26.0%	54.5%	53.2%	54.3%	54.2%	55.0%	55.7%	55.2%
Net margin	28.7%	24.7%	23.4%	21.5%	17.4%	19.6%	19.9%	16.6%
Current ratio	19.09×	8.17×	8.01×	6.07×	12.26×	7.94×	8.67×	7.67×
Debt / equity	0×	0.07×	0.07×	0.09×	0×	0.05×	0.03×	0.04×
Interest coverage	31.44×	122.31×	77.21×	117.72×	236.63×	193.55×	169.25×	169.48×
Dividend yield	0.4%	0.4%	0.4%	0.3%	0.5%	0.0%	3.0%	0.0%
Payout ratio	10.7%	12.9%	12.1%	7.3%	12.3%	0.0%	67.6%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.8%	15.3%	17.1%	18.6%	13.0%	13.3%	16.0%	14.5%
Return on invested capital	11.2%	24.0%	27.4%	33.0%	31.8%	27.2%	34.7%	33.7%
Return on assets	14.9%	13.5%	15.2%	15.9%	12.1%	11.9%	14.2%	12.7%
Free cash flow yield	1.4%	3.3%	1.8%	2.5%	-1.1%	2.4%	4.2%	-0.0%
Earnings yield	3.7%	3.5%	3.0%	3.9%	4.0%	2.9%	4.5%	3.1%
Enterprise value	₹337.2B	₹306.9B	₹379B	₹275.8B	₹150.6B	₹190.9B	₹131.2B	₹166.6B
Net debt / EBITDA	-0.12×	0.05×	0.21×	0.16×	-0.34×	-0.41×	-0.03×	-0.12×
Cash conversion cycle (days)	272	253	245	233	336	272	284	273