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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
+55.1%
₹13.94
vs ₹8.99 price
Levered DCF
-₹4.92
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
—
Rating
B-
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E4.2×4.7×5.17×7.16×6.85×9.15×5.4×5.4×
P/B0.33×0.58×0.82×0.88×0.83×1×1.09×0.95×
P/S0.82×1.04×0.76×0.87×1.06×0.97×0.63×1×
EV / EBITDA3.87×4.03×5.57×5.92×10.06×9.51×3.71×5.62×
Gross margin89.0%90.4%64.7%79.9%71.1%77.7%84.7%59.5%
Operating margin28.7%31.6%55.0%54.0%15.3%10.5%69.6%22.5%
Net margin19.5%22.1%14.6%12.1%15.4%10.6%11.7%18.6%
Current ratio2.25×1.97×1.95×1.39×1.81×1.99×1.68×2.29×
Debt / equity0.34×0.47×0.57×0.36×0.51×0.38×0.32×0.42×
Interest coverage3.14×3.68×12.13×13.28×178.48×45.52×0×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity7.8%12.4%15.9%12.2%12.2%10.9%20.1%17.7%
Return on invested capital6.2%8.4%30.2%28.6%6.3%5.8%69.6%10.0%
Return on assets5.2%7.9%9.5%6.8%6.5%5.7%8.9%10.2%
Free cash flow yield7.2%-6.5%-25.1%78.9%-35.1%-19.1%26.9%-46.1%
Earnings yield23.8%21.3%19.3%14.0%14.6%10.9%18.6%18.6%
Enterprise value₹256.1M₹338.1M₹354.6M₹265.7M₹250.4M₹160.8M₹123.4M₹121.2M
Net debt / EBITDA1.93×1.77×2.25×1.7×3.63×1.47×-0.26×1.39×
Cash conversion cycle (days)742541168162245259262163