Andhra Paper Limited (ANDHRAPAP.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

+21.1%

₹77.48

vs ₹63.96 price

Levered DCF

-₹11.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

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	62.16×	16.3×	5.85×	3.15×	8.38×	-190.48×	2.64×	9.17×
P/B	0.6×	0.75×	1.05×	1.04×	1.07×	0.89×	0.58×	2.4×
P/S	0.68×	0.94×	1.1×	0.78×	0.86×	0.98×	0.45×	1.3×
EV / EBITDA	9.08×	12.81×	3.98×	2.18×	4.55×	12.55×	1.82×	4.75×
Gross margin	10.7%	31.4%	38.6%	49.2%	38.7%	34.0%	54.5%	25.5%
Operating margin	-2.4%	20.4%	29.0%	32.4%	12.2%	-1.1%	19.2%	22.6%
Net margin	1.1%	5.8%	18.9%	24.9%	10.2%	-0.5%	16.9%	14.2%
Current ratio	2.95×	2.97×	3.06×	3.4×	2.39×	2.21×	2.56×	1.52×
Debt / equity	0.12×	0.15×	0.06×	0.03×	0.05×	0.04×	0.03×	0.03×
Interest coverage	-2.2×	17.6×	134.69×	101.5×	37.22×	-2.25×	50.74×	37.32×
Dividend yield	1.7%	2.7%	2.5%	1.8%	1.7%	0.0%	0.0%	0.0%
Payout ratio	106.8%	44.7%	14.6%	5.7%	14.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.0%	4.6%	17.9%	33.0%	12.8%	-0.5%	21.8%	26.2%
Return on invested capital	-1.3%	10.4%	18.6%	29.6%	10.0%	-0.7%	19.7%	22.1%
Return on assets	0.7%	3.4%	13.9%	26.1%	9.3%	-0.3%	16.1%	16.9%
Free cash flow yield	-15.9%	-22.1%	-0.6%	25.6%	13.9%	9.5%	26.5%	14.6%
Earnings yield	1.6%	6.1%	17.1%	31.7%	11.9%	-0.5%	37.8%	10.9%
Enterprise value	₹13.7B	₹17.2B	₹20.9B	₹16.8B	₹12.1B	₹9B	₹5.8B	₹18.4B
Net debt / EBITDA	1.42×	2.04×	0.2×	0.04×	0.13×	0.4×	0.04×	0.02×
Cash conversion cycle (days)	58	78	15	20	20	52	72	33