Apcotex Industries Limited (APCOTEXIND.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

+63.7%

₹782.63

vs ₹478.10 price

Levered DCF

₹1,341.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.75

Safe zone

Rating

A-

Overall 4 / 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	16.06×	30.99×	43.02×	23.42×	18.83×	21.09×	24.1×	23.2×
P/B	2.62×	3.03×	4.44×	5.31×	4.7×	3.05×	1.6×	3.89×
P/S	1.14×	1.2×	2.08×	2.36×	1.96×	1.73×	0.82×	1.74×
EV / EBITDA	8.64×	14.63×	20.47×	16.07×	12.92×	12.51×	11.23×	14.39×
Gross margin	30.1%	26.0%	29.6%	33.3%	20.9%	36.3%	28.7%	28.4%
Operating margin	8.7%	20.7%	6.7%	12.7%	13.1%	10.4%	4.2%	9.3%
Net margin	7.1%	3.9%	4.8%	10.1%	10.4%	8.2%	3.4%	7.5%
Current ratio	1.66×	1.45×	1.57×	1.79×	1.84×	1.75×	1.85×	2.37×
Debt / equity	0.16×	0.34×	0.36×	0.32×	0.13×	0.05×	0.2×	0.01×
Interest coverage	11.01×	16.61×	4.81×	26.95×	38.18×	11.43×	8.57×	16.49×
Dividend yield	2.2%	1.7%	1.2%	1.0%	1.1%	0.8%	7.6%	1.1%
Payout ratio	35.7%	52.1%	52.3%	23.9%	20.8%	17.7%	184.0%	26.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.3%	9.8%	10.3%	22.7%	24.9%	14.5%	6.6%	16.8%
Return on invested capital	12.4%	26.4%	7.3%	15.5%	20.3%	12.8%	4.5%	15.1%
Return on assets	10.3%	5.4%	5.8%	13.4%	16.3%	9.8%	4.2%	12.4%
Free cash flow yield	9.3%	2.1%	0.5%	-2.6%	-1.1%	5.5%	-3.5%	1.5%
Earnings yield	6.2%	3.2%	2.3%	4.3%	5.3%	4.7%	4.1%	4.3%
Enterprise value	₹16.8B	₹18.3B	₹24.9B	₹26.6B	₹19.1B	₹9.4B	₹4.4B	₹10.8B
Net debt / EBITDA	0.26×	1.2×	1.42×	0.82×	0.33×	0.05×	0.96×	-0.02×
Cash conversion cycle (days)	42	49	62	48	56	44	80	62