Anand Rathi Wealth Limited (ANANDRATHI.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

-46.6%

₹1,222.57

vs ₹2,288.90 price

Levered DCF

₹1,094.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

77.06

Safe zone

Rating

B+

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	63.4×	50.86×	66.9×	19.95×	19.87×	53.64×	19.77×	19.88×
P/B	25.13×	22.62×	11.6×	3.59×	3.67×	4.96×	6.55×	9.5×
P/S	20.02×	15.54×	10.01×	3.07×	3.02×	4.51×	3.66×	4.26×
EV / EBITDA	43.74×	34.55×	22.73×	6.67×	6.55×	14.13×	11.28×	11.37×
Gross margin	96.0%	57.2%	57.1%	58.9%	57.4%	49.0%	52.7%	54.9%
Operating margin	42.8%	53.7%	53.5%	40.5%	38.7%	19.8%	25.8%	29.5%
Net margin	31.6%	30.6%	29.9%	30.7%	30.4%	16.8%	18.5%	21.4%
Current ratio	48.27×	2.67×	3.45×	2.96×	2.06×	1.74×	0.94×	1.6×
Debt / equity	0.08×	0.12×	0.08×	0.08×	0.11×	0.2×	0.37×	0.27×
Interest coverage	33.92×	45.65×	62.18×	56.44×	80.07×	18.15×	25.99×	13.36×
Dividend yield	0.4%	0.4%	0.7%	2.7%	2.2%	0.6%	0.0%	0.0%
Payout ratio	27.3%	22.2%	22.2%	27.2%	21.9%	15.4%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	39.6%	44.5%	34.7%	36.0%	36.9%	18.5%	33.1%	47.8%
Return on invested capital	29.9%	50.1%	41.3%	31.5%	30.8%	12.3%	22.6%	33.5%
Return on assets	29.8%	31.2%	25.6%	27.0%	26.4%	13.1%	15.0%	25.6%
Free cash flow yield	1.2%	1.4%	3.6%	4.0%	10.3%	-1.9%	7.0%	4.7%
Earnings yield	1.6%	2.0%	3.0%	10.0%	10.1%	3.7%	5.1%	5.0%
Enterprise value	₹249.3B	₹152.8B	₹75.5B	₹16.6B	₹12.1B	₹11.8B	₹12.6B	₹12B
Net debt / EBITDA	-0.28×	0.08×	0.06×	-0.09×	-0.26×	-0.21×	0.37×	0.21×
Cash conversion cycle (days)	22	14	16	-199	-5	17	16	14