Apex Frozen Foods Limited (APEX.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

+34.2%

₹418.79

vs ₹312.10 price

Levered DCF

₹637.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

B-

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	29.19×	173.7×	43.45×	16.79×	21.2×	14.64×	8.68×	17.59×
P/B	2.15×	1.38×	1.28×	1.23×	1.86×	1.47×	1.33×	3.01×
P/S	1.22×	0.84×	0.84×	0.6×	0.97×	0.81×	0.68×	1.34×
EV / EBITDA	15.39×	25.29×	16.95×	8.15×	11.41×	8.19×	6.31×	10.68×
Gross margin	29.9%	20.1%	20.8%	21.9%	26.7%	19.8%	15.9%	15.8%
Operating margin	4.3%	1.2%	4.3%	7.1%	7.7%	6.3%	9.3%	9.9%
Net margin	4.2%	0.5%	1.9%	3.5%	4.6%	5.6%	7.8%	7.6%
Current ratio	5.96×	3.39×	3.01×	2.93×	2.36×	2.04×	1.62×	1.82×
Debt / equity	0.01×	0.15×	0.22×	0.18×	0.36×	0.38×	0.41×	0.3×
Interest coverage	8.94×	1.12×	3.25×	4.87×	3.98×	3.14×	6.81×	12.02×
Dividend yield	0.6%	0.9%	1.2%	1.3%	0.7%	0.0%	2.9%	0.7%
Payout ratio	16.1%	161.2%	53.5%	21.8%	15.2%	0.0%	24.8%	12.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.4%	0.8%	2.9%	7.3%	8.8%	10.1%	15.3%	17.1%
Return on invested capital	5.4%	1.2%	4.0%	8.6%	7.9%	6.0%	9.7%	11.0%
Return on assets	6.6%	0.6%	2.3%	5.8%	6.1%	6.7%	9.7%	11.9%
Free cash flow yield	7.6%	5.7%	-0.2%	16.4%	2.9%	0.1%	3.8%	-5.7%
Earnings yield	3.4%	0.6%	2.3%	6.0%	4.7%	6.8%	11.5%	5.7%
Enterprise value	₹11.2B	₹7.5B	₹7.4B	₹6.9B	₹10.4B	₹8.1B	₹6.9B	₹11.7B
Net debt / EBITDA	-0.18×	2.27×	2.39×	1.05×	1.83×	1.6×	1.48×	0.95×
Cash conversion cycle (days)	120	148	179	123	155	161	123	89