Airo Lam Limited (AIROLAM.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

-302.5%

-₹189.09

vs ₹93.37 price

Levered DCF

₹474.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.33

Grey zone

Rating

B-

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	23.72×	49.9×	31.59×	13.27×	15.86×	7.42×	4.97×	12.38×
P/B	1.66×	1.84×	3.52×	1.53×	1.83×	0.82×	0.54×	1.33×
P/S	0.54×	0.63×	1.2×	0.49×	0.61×	0.3×	0.22×	0.47×
EV / EBITDA	10.91×	13.86×	16.34×	9.18×	9.86×	5.96×	6.26×	7.45×
Gross margin	25.4%	26.7%	28.6%	33.6%	32.9%	31.3%	33.6%	31.7%
Operating margin	5.9%	4.2%	7.3%	6.9%	23.8%	24.1%	7.7%	6.7%
Net margin	2.3%	1.3%	3.8%	3.7%	3.8%	4.1%	4.5%	3.8%
Current ratio	1.33×	1.35×	1.43×	1.55×	1.57×	1.57×	1.71×	1.67×
Debt / equity	1.05×	1.23×	1.13×	0.99×	0.9×	0.77×	0.78×	0.58×
Interest coverage	1.66×	1.24×	2.89×	3.29×	13.13×	13.7×	4.83×	3.18×
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	7.0%	3.7%	11.1%	11.6%	11.5%	11.0%	10.8%	10.7%
Return on invested capital	6.4%	3.3%	6.6%	8.0%	25.9%	25.0%	7.7%	8.4%
Return on assets	2.4%	1.2%	4.1%	4.6%	4.1%	4.2%	4.4%	4.5%
Free cash flow yield	6.1%	-8.2%	-5.3%	7.0%	-9.5%	-21.0%	-44.2%	0.2%
Earnings yield	4.2%	2.0%	3.2%	7.5%	6.3%	13.5%	20.2%	8.1%
Enterprise value	₹2.1B	₹2.2B	₹3.3B	₹1.6B	₹1.5B	₹739.4M	₹569.6M	₹734.4M
Net debt / EBITDA	4.15×	5.47×	3.95×	3.51×	3.12×	2.7×	3.65×	2.14×
Cash conversion cycle (days)	181	233	217	200	176	145	210	186