Apis India Ltd (APIS.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

-55.9%

₹23.82

vs ₹54.00 price

Levered DCF

₹12.01

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.27

Safe zone

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	32.14×	0.23×	0.13×	0.07×	0.05×	0.06×	0.12×	0.04×
P/B	4.08×	0.03×	0.03×	0.01×	0×	0×	0.01×	0.01×
P/S	2.08×	0.02×	0.01×	0×	0×	0×	0×	0×
EV / EBITDA	21.13×	1.92×	1.89×	3.47×	5.67×	5.57×	5.51×	3.35×
Gross margin	39.6%	32.4%	35.0%	27.0%	30.8%	33.1%	40.7%	37.9%
Operating margin	8.0%	8.2%	8.6%	20.6%	23.3%	24.7%	4.1%	7.4%
Net margin	6.5%	7.2%	10.3%	5.5%	2.7%	2.3%	1.6%	4.7%
Current ratio	2.42×	2.14×	1.93×	1.54×	1.47×	1.48×	1.43×	1.49×
Debt / equity	0.34×	0.38×	0.41×	0.65×	1.06×	1×	0.82×	0.87×
Interest coverage	7.11×	5.77×	5.23×	9.66×	9.83×	12.83×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	35.2%	35.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.3%	1.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.7%	14.6%	22.0%	15.8%	8.2%	7.5%	4.1%	13.9%
Return on invested capital	8.8%	9.1%	11.1%	27.3%	24.1%	27.7%	4.0%	9.3%
Return on assets	8.2%	8.8%	12.3%	7.2%	3.1%	2.8%	1.7%	5.7%
Free cash flow yield	1.0%	26.1%	-168.7%	1164.0%	2254.9%	-1474.0%	3156.0%	195.3%
Earnings yield	3.1%	430.4%	777.7%	1352.2%	2006.3%	1597.5%	820.3%	2652.1%
Enterprise value	₹8.8B	₹720.5M	₹640M	₹753.1M	₹1B	₹843.8M	₹636.3M	₹655M
Net debt / EBITDA	1.59×	1.77×	1.77×	3.41×	5.65×	5.55×	5.48×	3.33×
Cash conversion cycle (days)	207	190	222	161	227	213	233	185