Airan Limited (AIRAN.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

+23.8%

₹17.65

vs ₹14.26 price

Levered DCF

₹7.84

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 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	13.8×	18.42×	24.35×	16.75×	23.51×	33.19×	17.5×	115.74×
P/B	1.07×	2.52×	2.42×	1.53×	2.19×	2.23×	1.45×	6.36×
P/S	1.49×	3.41×	2.89×	1.78×	2.59×	2.94×	2.05×	9.83×
EV / EBITDA	10.94×	12.44×	13.37×	9.12×	13.06×	16.04×	10×	55.34×
Gross margin	16.9%	25.0%	28.3%	27.7%	23.3%	25.5%	29.9%	16.7%
Operating margin	8.1%	11.9%	13.9%	11.8%	7.7%	9.4%	11.9%	7.8%
Net margin	10.8%	17.3%	11.9%	10.6%	11.0%	8.8%	11.7%	8.5%
Current ratio	5.34×	5×	4.73×	4.27×	5.05×	2.53×	4.71×	5.6×
Debt / equity	0.01×	0.02×	0.01×	0.04×	0.05×	0.11×	0.13×	0.15×
Interest coverage	73.84×	150.09×	47.61×	18.76×	13.8×	8.15×	9.37×	4.07×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.8%	12.8%	10.0%	9.1%	9.3%	6.7%	8.2%	5.5%
Return on invested capital	3.9%	6.1%	7.8%	6.6%	4.5%	4.5%	5.8%	2.8%
Return on assets	6.3%	10.3%	7.9%	7.0%	7.1%	5.0%	6.4%	4.3%
Free cash flow yield	1.4%	4.4%	-3.2%	0.2%	2.9%	1.1%	-5.0%	0.4%
Earnings yield	7.2%	5.1%	4.1%	6.0%	4.2%	3.0%	5.7%	0.9%
Enterprise value	₹1.6B	₹3.6B	₹3B	₹1.8B	₹2.3B	₹2B	₹1.3B	₹4.9B
Net debt / EBITDA	-0.72×	-0.01×	-0.08×	0.24×	0.31×	0.73×	0.84×	0.95×
Cash conversion cycle (days)	179	149	174	61	189	104	259	230