Anna Infrastructures Limited (ANNAINFRA.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

+56.8%

₹44.69

vs ₹28.50 price

Levered DCF

₹23.79

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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.49×	17.13×	16.72×	13.28×	-88.08×	9.54×	13.53×	11.31×
P/B	1.02×	0.8×	0.98×	0.32×	0.46×	0.29×	0.33×	0.33×
P/S	6.06×	4.61×	5.93×	2.69×	8.71×	2.73×	2.52×	3.22×
EV / EBITDA	10.32×	11.11×	11.26×	6.89×	46.17×	6.05×	8.13×	6.47×
Gross margin	76.4%	59.2%	66.3%	70.0%	86.0%	82.2%	66.4%	86.4%
Operating margin	40.4%	26.4%	38.0%	19.7%	-17.6%	34.4%	80.2%	76.2%
Net margin	39.2%	26.5%	35.4%	20.3%	-9.9%	28.6%	18.6%	28.5%
Current ratio	24.66×	47.64×	53.35×	50.46×	22.73×	19.18×	34.91×	0.3×
Debt / equity	0×	0×	0×	0.01×	0.02×	0.04×	0.01×	0.01×
Interest coverage	119.54×	50.72×	77.11×	16.77×	-3.4×	19.44×	180.88×	46.57×
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	6.6%	4.6%	5.9%	2.4%	-0.5%	3.1%	2.5%	2.9%
Return on invested capital	5.0%	3.4%	4.7%	1.8%	-0.8%	2.7%	8.1%	5.7%
Return on assets	6.4%	4.5%	5.7%	2.3%	-0.5%	2.9%	2.4%	2.8%
Free cash flow yield	31.9%	8.5%	7.4%	11.9%	-1.1%	-11.3%	10.6%	-1.0%
Earnings yield	6.5%	5.8%	6.0%	7.6%	-1.1%	10.5%	7.4%	8.8%
Enterprise value	₹114.4M	₹83.7M	₹98.1M	₹30.1M	₹43.9M	₹30.2M	₹30.7M	₹28.9M
Net debt / EBITDA	-0.2×	-0.27×	-0.18×	-0.04×	0.65×	0.51×	0.09×	-0.07×
Cash conversion cycle (days)	2,995	2,906	3,918	5,240	23,167	10,077	4,025	-16