Alacrity Securities Limited (ALSL.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

-52.0%

₹18.24

vs ₹38.00 price

Levered DCF

₹9.78

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.18

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.03×	27.08×	11.43×	16.52×	15.32×	26.33×	-7.85×	-13.38×
P/B	2.49×	1.65×	2.91×	2.17×	2.49×	3×	3.39×	2.37×
P/S	1.07×	0.29×	0.39×	0.26×	0.19×	0.43×	0.31×	0.83×
EV / EBITDA	19.34×	9.74×	7.24×	9.66×	12.37×	19.07×	-8.26×	-13.89×
Gross margin	5.8%	100.0%	4.2%	3.4%	2.2%	1.8%	-2.6%	-4.2%
Operating margin	5.0%	2.1%	3.1%	2.2%	1.6%	3.3%	-3.2%	-6.2%
Net margin	3.7%	2.1%	3.4%	1.6%	1.2%	1.6%	-4.0%	-6.2%
Current ratio	4.03×	3.82×	0.79×	134.75×	1.85×	158.22×	77.89×	124.29×
Debt / equity	0.09×	0.05×	0.04×	0.31×	0.56×	0.76×	1×	0.64×
Interest coverage	19.63×	19.57×	0×	5.3×	9.89×	3.02×	-4.15×	-106.87×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	11.9%	25.4%	13.1%	16.3%	11.4%	-43.2%	-17.7%
Return on invested capital	6.2%	8.6%	66.1%	7.2%	6.9%	8.4%	-10.8%	-6.8%
Return on assets	6.2%	9.3%	17.5%	8.6%	9.1%	5.6%	-19.0%	-9.1%
Free cash flow yield	10.7%	-26.1%	0.2%	1.8%	-0.6%	-5.7%	-2.1%	-11.8%
Earnings yield	3.5%	7.2%	8.8%	6.1%	6.5%	3.8%	-12.7%	-7.5%
Enterprise value	₹2.3B	₹1.7B	₹1.3B	₹539.2M	₹568.7M	₹577.5M	₹553.8M	₹539.7M
Net debt / EBITDA	-0.02×	-0.1×	-0.27×	0.11×	0.78×	1.47×	-0.31×	-0.18×
Cash conversion cycle (days)	11	50	20	28	24	45	0	0