Arex Industries Limited (AREXMIS.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

+132.9%

₹306.77

vs ₹131.70 price

Levered DCF

₹387.47

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.2

Safe zone

Rating

Overall 5 / 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	23.69×	19.95×	22.75×	68.9×	13.06×	-48.01×	54.69×	19.14×
P/B	1.27×	2.04×	1.83×	1.66×	1.7×	1.96×	1.88×	1.88×
P/S	0.71×	1.03×	1.13×	1.07×	0.9×	1.18×	1.02×	1.19×
EV / EBITDA	6.23×	7.28×	7.44×	9.35×	6.36×	11.43×	8.51×	8.32×
Gross margin	27.5%	71.4%	68.7%	16.5%	22.5%	61.5%	18.0%	25.4%
Operating margin	5.8%	8.0%	10.7%	6.3%	12.8%	5.2%	9.9%	13.8%
Net margin	3.0%	5.2%	5.0%	1.6%	6.9%	-2.5%	1.9%	6.2%
Current ratio	1×	1.32×	1.94×	1.73×	1.65×	1.84×	1.81×	1.73×
Debt / equity	0.38×	0.48×	0.33×	0.61×	0.82×	1.26×	1.25×	1.38×
Interest coverage	2.79×	3.72×	4.1×	1.55×	3.26×	0.71×	1.49×	2.22×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	2.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	108.1%	37.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.3%	10.3%	8.0%	2.4%	13.0%	-4.1%	3.4%	9.8%
Return on invested capital	5.6%	7.3%	8.4%	4.0%	10.2%	3.7%	4.8%	6.6%
Return on assets	3.3%	5.6%	5.1%	1.3%	6.3%	-1.6%	1.4%	3.7%
Free cash flow yield	4.7%	13.9%	14.4%	13.7%	18.1%	13.4%	16.7%	-53.7%
Earnings yield	4.2%	5.0%	4.4%	1.5%	7.7%	-2.1%	1.8%	5.2%
Enterprise value	₹455.3M	₹647.5M	₹683.3M	₹659.8M	₹715.5M	₹793M	₹802.2M	₹836.3M
Net debt / EBITDA	1.43×	1.38×	1.14×	2.51×	2.07×	4.47×	3.39×	3.52×
Cash conversion cycle (days)	95	141	164	126	120	206	120	138