Aptech Limited (APTECHT.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

+90.2%

₹153.50

vs ₹80.70 price

Levered DCF

₹148.82

After debt service

Piotroski score

5 / 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	17.29×	37.6×	48.29×	20.86×	28.21×	61.63×	24.75×	39.48×
P/B	1.64×	2.85×	5.39×	5.51×	6.64×	4.53×	1.29×	2.58×
P/S	0.81×	1.56×	3.21×	3.09×	6.17×	6.38×	2.11×	3.45×
EV / EBITDA	12.45×	23.84×	33.69×	14.97×	25.74×	32.01×	7.77×	21.31×
Gross margin	83.7%	84.7%	82.4%	85.5%	75.7%	99.1%	97.8%	98.5%
Operating margin	4.7%	5.4%	69.7%	14.6%	17.4%	2.6%	20.4%	15.1%
Net margin	4.7%	4.1%	6.6%	14.8%	21.9%	10.4%	8.5%	8.7%
Current ratio	1.69×	2.39×	2.21×	1.52×	2.17×	2.52×	1.86×	2.81×
Debt / equity	0.05×	0.03×	0.03×	0.03×	0×	0.01×	0.11×	0×
Interest coverage	12.94×	25.68×	219.32×	84.55×	106.19×	1.7×	28.16×	80.98×
Dividend yield	6.4%	3.6%	1.8%	1.5%	0.7%	0.0%	11.6%	2.3%
Payout ratio	111.0%	136.8%	85.6%	30.5%	18.5%	0.0%	286.3%	92.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.5%	7.6%	11.2%	26.4%	23.6%	7.4%	5.2%	6.5%
Return on invested capital	5.8%	5.2%	80.8%	20.6%	18.5%	1.8%	8.5%	9.1%
Return on assets	5.5%	4.9%	7.1%	14.1%	15.9%	5.5%	4.0%	5.5%
Free cash flow yield	8.2%	1.8%	-1.6%	6.5%	2.8%	4.9%	-4.7%	0.5%
Earnings yield	5.8%	2.7%	2.1%	4.8%	3.5%	1.6%	4.0%	2.5%
Enterprise value	₹3.9B	₹6.9B	₹13.9B	₹13.4B	₹13.4B	₹7.4B	₹3.6B	₹7.1B
Net debt / EBITDA	-0.46×	-0.9×	-0.22×	-0.79×	-1.03×	-0.61×	0.5×	-0.32×
Cash conversion cycle (days)	-216	-86	-66	-471	-33	-5,074	-1,393	-1,778