Amarnath Securities Limited (AMARSEC.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

+54.4%

₹29.70

vs ₹19.24 price

Levered DCF

₹140.16

After debt service

Piotroski score

3 / 9

Weak

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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.63×	21.29×	90.48×	123.38×	277.6×	16,824.24×	142.36×	102.81×
P/B	-4.52×	0.91×	3.95×	4.04×	4.15×	4.27×	4.31×	3.92×
P/S	4.08×	10.51×	41.36×	43.05×	67.43×	45.81×	38.89×	38.37×
EV / EBITDA	-0.76×	17.53×	63.19×	68.41×	197.12×	1,484.51×	92.34×	71.53×
Gross margin	91.4%	89.3%	87.8%	100.0%	82.8%	84.0%	91.5%	95.0%
Operating margin	23.0%	75.5%	67.9%	64.8%	38.0%	0.7%	37.9%	81.8%
Net margin	-643.0%	49.5%	45.7%	34.9%	24.3%	0.3%	27.3%	37.0%
Current ratio	3.31×	0×	0.06×	0.04×	0.01×	0.08×	0.03×	0.29×
Debt / equity	-0.93×	0.15×	0.14×	0.22×	0.11×	0.09×	0×	0×
Interest coverage	0×	0×	18.9×	9.25×	13,063.58×	2,013.83×	0×	0×
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	713.2%	4.3%	4.4%	3.3%	1.5%	0.0%	3.0%	3.8%
Return on invested capital	342.1%	4.0%	4.1%	3.3%	1.6%	0.0%	3.0%	6.3%
Return on assets	-8026.3%	3.6%	3.7%	2.6%	1.3%	0.0%	2.9%	3.8%
Free cash flow yield	1.8%	-0.5%	1.1%	24.7%	0.7%	-0.1%	0.5%	1.1%
Earnings yield	-157.7%	4.7%	1.1%	0.8%	0.4%	0.0%	0.7%	1.0%
Enterprise value	₹39.5M	₹47.7M	₹174.8M	₹174M	₹169M	₹169.6M	₹168.5M	₹154.3M
Net debt / EBITDA	-0.12×	2.5×	1.99×	3.36×	5.08×	26.35×	0.07×	-0.18×
Cash conversion cycle (days)	0	-60	-75	-2,826	-133	-0	-5	-68