APM Industries Limited (APMIN.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

+33.8%

₹71.11

vs ₹53.15 price

Levered DCF

₹91.82

After debt service

Piotroski score

2 / 9

Weak

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	-32.65×	-122.39×	28.51×	4.76×	5.58×	9.68×	4.13×	7.77×
P/B	0.52×	0.44×	0.7×	0.6×	0.55×	0.34×	0.23×	0.47×
P/S	0.32×	0.25×	0.4×	0.28×	0.26×	0.2×	0.11×	0.21×
EV / EBITDA	13.41×	13.98×	10.54×	3.2×	3.62×	4.58×	4.53×	7.93×
Gross margin	41.2%	37.9%	4.6%	11.6%	44.8%	7.8%	25.0%	22.5%
Operating margin	0.0%	-1.0%	1.8%	8.5%	7.8%	4.1%	4.0%	3.3%
Net margin	-1.0%	-0.2%	1.4%	5.9%	4.7%	2.0%	2.7%	2.7%
Current ratio	1.98×	2.08×	1.9×	2×	1.81×	1.42×	1.37×	1.23×
Debt / equity	0.08×	0.04×	0.17×	0.14×	0.24×	0.24×	0.4×	0.47×
Interest coverage	0.16×	-1.71×	2.24×	18.23×	8.84×	2.47×	2.19×	2.05×
Dividend yield	0.1%	1.5%	3.1%	2.4%	0.2%	0.3%	4.4%	4.6%
Payout ratio	-4.1%	-180.3%	89.4%	11.2%	1.3%	3.3%	18.1%	36.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1.6%	-0.4%	2.4%	12.6%	9.8%	3.5%	5.5%	6.0%
Return on invested capital	0.0%	-0.2%	2.4%	9.5%	7.2%	3.5%	5.0%	3.8%
Return on assets	-1.1%	-0.3%	1.7%	8.6%	6.1%	2.2%	3.0%	3.0%
Free cash flow yield	16.0%	31.1%	-3.2%	15.5%	-1.1%	53.0%	38.3%	-6.3%
Earnings yield	-3.1%	-0.8%	3.5%	21.0%	17.9%	10.3%	24.2%	12.9%
Enterprise value	₹995.2M	₹813.6M	₹1.5B	₹1.2B	₹1.2B	₹790.1M	₹821M	₹1.1B
Net debt / EBITDA	1.72×	1.15×	2.05×	0.59×	1.09×	1.89×	2.89×	3.96×
Cash conversion cycle (days)	70	67	68	58	104	77	97	100