Ajcon Global Services Ltd (AJCON.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

-824.6%

-₹40.14

vs ₹5.54 price

Levered DCF

-₹9.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	139.75×	7.64×	1.61×	2.98×	1.22×	0.95×	-0.89×	102.94×
P/B	1.25×	0.17×	0.09×	0.08×	0.13×	0.08×	0.08×	0.1×
P/S	0.87×	0.28×	0.17×	0.19×	0.07×	0.03×	0.05×	0.06×
EV / EBITDA	53.39×	7.81×	4.58×	6.46×	3.2×	4.43×	251.12×	8.99×
Gross margin	18.3%	20.6%	10.7%	41.3%	104.4%	10.5%	9.2%	17.6%
Operating margin	1.0%	10.2%	20.3%	18.0%	8.3%	3.2%	-1.1%	6.1%
Net margin	0.6%	3.7%	10.5%	6.7%	5.5%	3.3%	-5.8%	0.1%
Current ratio	0.46×	9.93×	11.38×	6.33×	10.05×	7.67×	6.4×	7.62×
Debt / equity	0.38×	0.42×	0.47×	0.54×	0.47×	0.68×	1.13×	1.01×
Interest coverage	0.52×	1.86×	3.43×	2.03×	5.53×	1.69×	-0.23×	1.04×
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	0.9%	2.2%	5.5%	2.6%	10.3%	8.3%	-8.9%	0.1%
Return on invested capital	0.7%	2.9%	5.1%	3.2%	8.0%	4.6%	-0.7%	4.8%
Return on assets	0.6%	1.4%	3.3%	1.5%	6.3%	4.3%	-3.8%	0.0%
Free cash flow yield	1.6%	-33.5%	-11.3%	-70.8%	109.6%	541.5%	-55.4%	87.0%
Earnings yield	0.7%	13.0%	59.9%	34.6%	82.3%	104.8%	-112.6%	1.0%
Enterprise value	₹397.2M	₹145.7M	₹129.1M	₹124.2M	₹116.6M	₹126.3M	₹207.7M	₹208.7M
Net debt / EBITDA	10.69×	5.58×	3.84×	5.6×	2.47×	3.9×	234.48×	8.16×
Cash conversion cycle (days)	162	860	982	1,767	269	220	446	403