Alfa Ica (India) Limited (ALFAICA.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

-105.6%

-₹4.09

vs ₹73.60 price

Levered DCF

-₹25.37

After debt service

Piotroski score

4 / 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	16.77×	22.25×	13.27×	10.53×	10.99×	6.57×	6.23×	10.55×
P/B	1.27×	1.38×	1.02×	0.76×	0.96×	0.55×	0.49×	0.89×
P/S	0.37×	0.41×	0.33×	0.24×	0.23×	0.17×	0.14×	0.24×
EV / EBITDA	8.06×	9.72×	7.55×	6.52×	7.34×	6.73×	5.87×	8.19×
Gross margin	34.7%	36.1%	39.2%	25.2%	25.8%	26.8%	25.6%	21.9%
Operating margin	3.0%	3.8%	35.7%	2.2%	1.2%	33.6%	2.8%	2.5%
Net margin	2.2%	1.8%	2.5%	2.3%	2.1%	2.7%	2.2%	2.3%
Current ratio	1.58×	1.66×	1.74×	1.87×	1.54×	1.64×	2.52×	1.62×
Debt / equity	0.67×	0.82×	0.64×	0.75×	0.94×	0.76×	0.89×	1.13×
Interest coverage	1.3×	1.54×	15.9×	0.85×	0.59×	12.75×	0.93×	0.73×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	3.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	39.5%	32.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.6%	6.2%	7.7%	7.3%	8.7%	8.4%	7.9%	8.4%
Return on invested capital	4.5%	5.2%	50.3%	2.9%	1.9%	44.0%	3.8%	2.9%
Return on assets	3.6%	3.0%	3.8%	3.6%	3.6%	3.8%	3.6%	3.4%
Free cash flow yield	6.1%	-15.9%	11.6%	25.9%	-18.5%	19.2%	59.4%	-10.9%
Earnings yield	6.0%	4.5%	7.5%	9.5%	9.1%	15.2%	16.1%	9.5%
Enterprise value	₹484.1M	₹506.7M	₹359.1M	₹301.6M	₹351.4M	₹219.8M	₹212.6M	₹297.2M
Net debt / EBITDA	2.76×	3.58×	2.86×	3.2×	3.6×	3.88×	3.75×	4.57×
Cash conversion cycle (days)	99	121	133	140	115	116	127	151