Anjani Synthetics Limited (ANJANI.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

+279.7%

₹94.88

vs ₹24.99 price

Levered DCF

₹145.65

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	8.21×	21.14×	14.34×	11.19×	10.92×	13.98×	5.15×	8.05×
P/B	0.35×	0.82×	0.74×	0.49×	0.58×	0.58×	0.28×	0.39×
P/S	0.11×	0.31×	0.24×	0.12×	0.14×	0.15×	0.06×	0.08×
EV / EBITDA	6.58×	10.4×	8.79×	7.41×	8.63×	8.14×	4.28×	5.32×
Gross margin	22.3%	27.0%	26.9%	3.3%	3.4%	10.4%	9.5%	10.2%
Operating margin	2.4%	3.1%	24.7%	2.1%	2.4%	2.3%	3.6%	3.7%
Net margin	1.3%	1.5%	1.7%	1.1%	1.3%	1.1%	1.1%	1.0%
Current ratio	2.05×	1.94×	1.75×	1.54×	1.46×	1.52×	1.33×	1.27×
Debt / equity	0.33×	0.37×	0.53×	0.64×	0.87×	0.93×	0.81×	1.1×
Interest coverage	3.04×	2.38×	13.48×	1.38×	1.51×	1.18×	1.51×	1.5×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.2%	3.9%	5.2%	4.4%	5.4%	4.2%	5.4%	4.8%
Return on invested capital	4.3%	4.4%	44.6%	4.0%	4.3%	3.3%	7.2%	5.7%
Return on assets	2.4%	2.2%	2.6%	1.8%	1.9%	1.5%	1.8%	1.5%
Free cash flow yield	6.2%	20.5%	16.8%	48.0%	13.0%	-15.0%	100.6%	99.4%
Earnings yield	12.2%	4.7%	7.0%	8.9%	9.2%	7.2%	19.4%	12.4%
Enterprise value	₹606M	₹1B	₹1B	₹890.3M	₹1.1B	₹1.1B	₹720.3M	₹914.4M
Net debt / EBITDA	3.2×	3.23×	3.66×	4.17×	5.13×	5×	3.19×	3.91×
Cash conversion cycle (days)	126	156	153	116	135	148	108	124