Ajmera Realty & Infra India Limited (AJMERA.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

-374.6%

-₹356.78

vs ₹129.93 price

Levered DCF

₹353.18

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	13.14×	25.97×	25.66×	13.69×	25.58×	13.84×	7.02×	9.17×
P/B	1.41×	2.71×	3.05×	1.27×	1.64×	0.63×	0.36×	1.13×
P/S	1.8×	4.43×	3.77×	2.28×	2.41×	1.2×	0.67×	1.81×
EV / EBITDA	8.64×	16.67×	16.12×	13.43×	17.4×	11.64×	10.79×	10.57×
Gross margin	32.9%	36.5%	50.9%	33.0%	42.0%	49.4%	52.2%	50.8%
Operating margin	27.0%	31.3%	28.5%	28.5%	23.8%	27.0%	29.7%	32.7%
Net margin	13.7%	17.1%	14.7%	16.6%	9.4%	8.7%	9.5%	19.7%
Current ratio	6.28×	5.96×	10.19×	8.64×	5.46×	5.42×	5.47×	7.9×
Debt / equity	0.51×	0.56×	0.93×	1.09×	1.4×	1.17×	1.52×	1.43×
Interest coverage	4.02×	3.05×	2.91×	3.39×	1.94×	1.62×	1.55×	2.48×
Dividend yield	0.9%	0.4%	0.4%	0.8%	0.4%	1.2%	2.2%	3.6%
Payout ratio	11.8%	11.3%	10.4%	11.2%	10.9%	16.5%	15.2%	33.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.7%	10.4%	11.9%	9.2%	6.4%	4.5%	5.1%	12.3%
Return on invested capital	8.9%	8.6%	8.1%	5.1%	4.4%	4.1%	4.4%	5.7%
Return on assets	5.8%	5.6%	5.2%	3.7%	2.2%	1.6%	1.7%	4.0%
Free cash flow yield	-1.8%	0.1%	8.2%	13.5%	-5.7%	42.8%	-10.8%	-50.8%
Earnings yield	7.6%	3.9%	3.9%	7.3%	3.9%	7.2%	14.2%	10.9%
Enterprise value	₹26.5B	₹38.5B	₹33.7B	₹18B	₹21.3B	₹11.7B	₹11.9B	₹15.5B
Net debt / EBITDA	2.21×	2.49×	3.49×	6.1×	7.93×	7.49×	8.72×	5.87×
Cash conversion cycle (days)	876	1,130	1,307	1,566	1,457	2,090	2,409	2,013