Ajanta Soya Limited (AJANTSOY.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

+93.7%

₹39.33

vs ₹20.30 price

Levered DCF

-₹6.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

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	15.72×	13.75×	59.08×	89.29×	7.39×	4.55×	3.76×	-82.83×
P/B	0.78×	2.35×	1.82×	1.6×	2.53×	1.44×	0.68×	0.75×
P/S	0.1×	0.28×	0.23×	0.16×	0.23×	0.12×	0.05×	0.05×
EV / EBITDA	6.31×	7.99×	19.28×	24.54×	5.81×	2.54×	2.17×	6.94×
Gross margin	2.8%	3.9%	1.8%	2.3%	5.0%	5.8%	4.6%	2.9%
Operating margin	0.7%	2.4%	0.1%	0.5%	3.4%	3.8%	2.2%	0.2%
Net margin	0.6%	2.0%	0.4%	0.2%	3.1%	2.7%	1.3%	-0.1%
Current ratio	2.49×	2.18×	2.03×	1.84×	1.58×	1.58×	1.34×	1.09×
Debt / equity	0.05×	0×	0×	0.01×	0×	0.04×	0.05×	0.53×
Interest coverage	2.28×	8.56×	0.22×	1.98×	43.87×	18.77×	5.46×	0.33×
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	5.0%	17.1%	3.1%	1.8%	34.3%	31.7%	18.1%	-0.9%
Return on invested capital	3.4%	14.0%	0.5%	2.5%	28.8%	24.3%	20.5%	-0.5%
Return on assets	3.3%	10.5%	1.9%	1.0%	16.0%	15.7%	8.4%	-0.3%
Free cash flow yield	-32.1%	3.0%	7.1%	-12.4%	6.6%	14.2%	54.0%	62.0%
Earnings yield	6.4%	7.3%	1.7%	1.1%	13.5%	22.0%	26.5%	-1.2%
Enterprise value	₹1.2B	₹3.4B	₹2.3B	₹2B	₹3.1B	₹1.1B	₹369.3M	₹495.4M
Net debt / EBITDA	-0.56×	-0.74×	-0.27×	0.11×	-0.1×	-0.05×	-0×	2.26×
Cash conversion cycle (days)	28	14	12	22	9	3	10	18