Anjani Portland Cement Limited (APCL.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

-33.4%

₹55.97

vs ₹84.00 price

Levered DCF

-₹44.98

After debt service

Piotroski score

3 / 9

Weak

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	-17.24×	-3.93×	-13.39×	-6.43×	14.25×	6.71×	6.29×	14.42×
P/B	1.34×	1.49×	1.78×	1.12×	1.85×	1.65×	0.93×	1.38×
P/S	1.09×	0.74×	0.84×	0.56×	0.74×	1.4×	0.62×	0.76×
EV / EBITDA	21.94×	-43.51×	31.64×	34.03×	7.33×	4.62×	3.03×	5.63×
Gross margin	23.4%	7.5%	14.1%	82.2%	27.7%	80.9%	73.8%	76.6%
Operating margin	-0.2%	-15.1%	-3.1%	-4.8%	11.1%	24.6%	14.7%	8.5%
Net margin	-6.3%	-18.9%	-6.3%	-8.8%	5.2%	20.9%	9.9%	5.3%
Current ratio	0.93×	0.49×	0.69×	0.65×	0.53×	2.82×	2.14×	1.37×
Debt / equity	0.75×	2.17×	1.45×	1.31×	1.57×	0.01×	0.01×	0×
Interest coverage	-0.03×	-1.94×	-0.6×	-0.92×	2.96×	153.66×	181.85×	21.71×
Dividend yield	0.0%	0.0%	0.0%	2.0%	2.1%	2.2%	2.5%	1.5%
Payout ratio	0.0%	0.0%	0.0%	-13.1%	30.5%	14.9%	15.7%	21.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-7.8%	-37.8%	-13.3%	-17.4%	13.0%	24.5%	14.7%	9.6%
Return on invested capital	-0.1%	-7.1%	-1.8%	-3.3%	6.8%	22.3%	12.1%	8.7%
Return on assets	-3.1%	-8.6%	-3.9%	-5.6%	3.7%	18.2%	10.3%	6.5%
Free cash flow yield	-13.7%	-1.4%	7.2%	1.8%	15.5%	23.5%	19.5%	14.0%
Earnings yield	-5.8%	-25.4%	-7.5%	-15.6%	7.0%	14.9%	15.9%	6.9%
Enterprise value	₹7.7B	₹7.8B	₹9.5B	₹8.1B	₹10.8B	₹5.6B	₹2.5B	₹3.2B
Net debt / EBITDA	7.85×	-25.79×	14.17×	18.33×	3.32×	-0.05×	-0×	-0.18×
Cash conversion cycle (days)	8	-4	7	39	21	45	79	42