AVI Products India Limited (APIL.BO) 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

-106.2%

-₹3.42

vs ₹55.02 price

Levered DCF

-₹18.54

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 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	-7.35×	131.25×	28.74×	21.25×	66.8×	16.2×	16.95×	23.75×
P/B	2.77×	1.02×	1.04×	0.97×	1.79×	0.59×	1.37×	1.7×
P/S	12.1×	1.53×	1.51×	1.22×	2.32×	0.39×	0.51×	0.69×
EV / EBITDA	-8.01×	27.6×	16.25×	12.29×	23.61×	9.84×	9.99×	14.38×
Gross margin	-33.7%	34.2%	34.8%	39.6%	38.1%	32.3%	31.6%	41.2%
Operating margin	-177.4%	-2.9%	4.7%	6.5%	6.5%	-0.9%	3.9%	5.4%
Net margin	-164.7%	1.1%	5.3%	5.7%	3.5%	2.4%	3.0%	2.9%
Current ratio	82.46×	7.3×	6.19×	22.72×	9.49×	2.08×	2.21×	2.89×
Debt / equity	0×	0.11×	0.04×	0×	0×	0.33×	0.27×	0.23×
Interest coverage	-39.41×	-2.65×	14.6×	14×	6.4×	-1.15×	6.28×	35.64×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	5.5%	1.4%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	89.9%	23.8%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-37.7%	0.8%	3.6%	4.5%	2.7%	3.6%	8.0%	7.1%
Return on invested capital	-40.4%	-1.3%	2.4%	3.9%	3.7%	-0.8%	7.6%	8.5%
Return on assets	-37.1%	0.7%	3.1%	4.3%	2.4%	2.1%	5.2%	4.1%
Free cash flow yield	-21.8%	-12.3%	-9.4%	-19.1%	-0.3%	-31.5%	12.7%	-14.7%
Earnings yield	-13.6%	0.7%	3.5%	4.7%	1.5%	6.1%	5.9%	4.2%
Enterprise value	₹142.4M	₹76.4M	₹75.6M	₹43.5M	₹55.4M	₹13.2M	₹23.5M	₹26.1M
Net debt / EBITDA	0.02×	1.54×	0.49×	-0.13×	-9.44×	2.89×	1.11×	1.28×
Cash conversion cycle (days)	339	312	244	311	294	381	146	203