Aplab Limited (APLAB.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

-116.3%

-₹9.97

vs ₹61.22 price

Levered DCF

₹42.09

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.91

Grey zone

Rating

C-

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	34.78×	234.07×	65.76×	90.1×	90.35×	-19.63×	11.24×	0.57×
P/B	4.37×	5.9×	5.19×	-0.91×	-0.74×	-0.29×	-0.09×	-0.12×
P/S	1.5×	0.96×	1.06×	0.35×	0.3×	0.14×	0.05×	0.06×
EV / EBITDA	15.58×	-30.72×	17.33×	16.82×	11.71×	12.21×	9.14×	4.48×
Gross margin	35.2%	46.6%	67.2%	67.8%	26.6%	56.6%	62.5%	51.4%
Operating margin	4.4%	-13.3%	8.3%	10.5%	11.8%	11.3%	7.1%	-3.5%
Net margin	4.3%	0.4%	1.6%	0.4%	0.3%	-0.7%	0.4%	10.2%
Current ratio	1.27×	1.02×	1.04×	0.7×	0.49×	0.59×	0.61×	0.89×
Debt / equity	0.94×	2.89×	2.56×	-2.54×	-2.29×	-2.75×	-2.7×	-2.63×
Interest coverage	1.03×	-2.64×	1.25×	1.83×	1.27×	0.9×	0.53×	-0.23×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.6%	2.5%	7.9%	-1.0%	-0.8%	1.5%	-0.8%	-20.3%
Return on invested capital	4.0%	0.7%	9.2%	13.4%	16.4%	10.9%	6.6%	-1.7%
Return on assets	4.3%	0.4%	1.1%	0.3%	0.3%	-0.4%	0.2%	5.2%
Free cash flow yield	9.8%	1.6%	-7.6%	-24.4%	117.9%	-19.4%	-1015.5%	21.7%
Earnings yield	2.9%	0.4%	1.5%	1.1%	1.1%	-5.1%	8.9%	174.9%
Enterprise value	₹988.9M	₹886.2M	₹779.9M	₹679.8M	₹623.4M	₹767M	₹713M	₹716.4M
Net debt / EBITDA	1.79×	-9.5×	5.65×	12.36×	8.82×	10.99×	8.84×	4.29×
Cash conversion cycle (days)	220	219	640	458	224	244	459	177