Apar Industries Limited (APARINDS.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

-30.0%

₹11,114.77

vs ₹15,882.00 price

Levered DCF

₹4,604.81

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.58

Safe zone

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	40.63×	26.82×	32.77×	15.03×	9.68×	11.33×	8.16×	19.18×
P/B	7.36×	4.89×	6.97×	4.29×	1.45×	1.29×	0.95×	2.17×
P/S	1.73×	1.19×	1.67×	0.67×	0.27×	0.28×	0.15×	0.33×
EV / EBITDA	20.92×	13.84×	17.43×	7.56×	4.69×	4.57×	2.66×	5.63×
Gross margin	18.4%	20.5%	22.2%	22.6%	22.5%	24.6%	22.9%	20.3%
Operating margin	7.5%	18.3%	20.0%	20.5%	20.5%	21.9%	20.4%	18.2%
Net margin	4.3%	4.4%	5.1%	4.4%	2.8%	2.5%	1.8%	1.7%
Current ratio	1.45×	1.47×	1.54×	1.22×	1.22×	1.22×	1.13×	1.14×
Debt / equity	0.18×	0.13×	0.12×	0.17×	0.21×	0.23×	0.32×	0.21×
Interest coverage	3.92×	7.66×	7.48×	8.55×	11.17×	8.93×	7.55×	7.6×
Dividend yield	0.5%	0.9%	0.6%	0.6%	1.5%	0.0%	7.9%	1.4%
Payout ratio	21.0%	24.9%	18.5%	9.0%	14.2%	0.1%	64.7%	26.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.1%	18.2%	21.3%	28.5%	15.0%	11.4%	11.6%	11.3%
Return on invested capital	20.0%	49.4%	55.0%	82.8%	66.8%	61.1%	77.5%	60.4%
Return on assets	7.1%	7.3%	8.6%	7.8%	3.9%	3.2%	2.9%	2.7%
Free cash flow yield	-0.1%	3.5%	-2.3%	4.7%	4.6%	14.7%	-4.6%	16.2%
Earnings yield	2.5%	3.7%	3.1%	6.7%	10.3%	8.8%	12.3%	5.2%
Enterprise value	₹399.1B	₹218.5B	₹269.3B	₹94.6B	₹25.9B	₹19.4B	₹13.2B	₹26.5B
Net debt / EBITDA	0.12×	-0.11×	-0.07×	-0.1×	0.19×	0.28×	0.43×	0.09×
Cash conversion cycle (days)	32	25	33	-1	4	-1	-3	-15