Anant Raj Limited (ANANTRAJ.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

+105.5%

₹919.63

vs ₹447.50 price

Levered DCF

₹479.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.51

Safe zone

Rating

A-

Overall 4 / 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	25.66×	38.4×	40.71×	26.21×	34.32×	126.4×	10.36×	12.03×
P/B	2.46×	3.93×	2.9×	1.4×	0.74×	0.64×	0.12×	0.12×
P/S	5.67×	7.93×	7.16×	4.14×	4.21×	6.42×	1.08×	1.47×
EV / EBITDA	19.28×	33.54×	32.76×	25.39×	42.41×	91.58×	37.82×	43.31×
Gross margin	26.8%	27.8%	26.9%	25.2%	23.8%	26.8%	33.2%	32.4%
Operating margin	24.2%	26.2%	25.1%	22.8%	19.6%	19.5%	24.4%	27.0%
Net margin	22.1%	20.7%	17.9%	15.8%	12.2%	5.1%	10.5%	12.2%
Current ratio	9.75×	5.43×	5.9×	5.7×	3.53×	4.42×	2.9×	2.52×
Debt / equity	0.12×	0.12×	0.17×	0.38×	0.49×	0.67×	0.68×	0.67×
Interest coverage	49.13×	58.05×	13.05×	7.45×	3.4×	1.65×	4.66×	3.45×
Dividend yield	0.2%	0.2%	0.2%	0.1%	0.2%	0.1%	0.9%	1.7%
Payout ratio	4.5%	5.9%	6.1%	2.3%	5.2%	6.5%	8.9%	20.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.6%	10.2%	7.3%	5.3%	2.1%	0.5%	1.2%	1.0%
Return on invested capital	7.7%	9.6%	6.8%	3.9%	1.5%	0.6%	1.1%	1.1%
Return on assets	8.1%	8.1%	5.5%	3.5%	1.3%	0.3%	0.6%	0.5%
Free cash flow yield	-4.2%	0.2%	-0.7%	-1.2%	23.5%	-7.2%	-31.7%	-59.3%
Earnings yield	3.9%	2.6%	2.5%	3.8%	2.9%	0.8%	9.7%	8.3%
Enterprise value	₹140.1B	₹164.9B	₹109.4B	₹50B	₹32.2B	₹32.4B	₹19.8B	₹32.7B
Net debt / EBITDA	-0.32×	0.31×	0.96×	5.3×	16.78×	46.25×	32.1×	36.49×
Cash conversion cycle (days)	435	475	704	928	1,919	4,167	2,741	3,288