Arfin India Limited (ARFIN.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

-77.5%

₹21.44

vs ₹95.20 price

Levered DCF

-₹7.96

After debt service

Piotroski score

—

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	79.25×	71.11×	73.85×	59.08×	66.21×
P/B	7.19×	4.12×	6.33×	6.93×	7.86×
P/S	1.98×	1.06×	1.15×	1.12×	1.16×
EV / EBITDA	28.56×	20.68×	23.7×	26.42×	30.63×
Gross margin	13.3%	9.5%	9.5%	8.5%	8.1%
Operating margin	6.7%	5.4%	4.9%	4.2%	4.0%
Net margin	2.5%	1.5%	1.5%	1.9%	1.8%
Current ratio	1.69×	1.74×	1.38×	1.41×	1.43×
Debt / equity	0.76×	0.75×	1.24×	1.27×	1.44×
Interest coverage	2.22×	1.78×	1.53×	1.82×	2.03×
Dividend yield	0.2%	0.0%	0.0%	0.0%	0.0%
Payout ratio	12.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	9.1%	5.8%	8.5%	11.7%	11.8%
Return on invested capital	8.8%	7.5%	10.2%	10.6%	10.3%
Return on assets	4.2%	2.7%	2.9%	3.9%	3.7%
Free cash flow yield	-0.9%	-4.2%	0.2%	3.4%	1.3%
Earnings yield	1.3%	1.4%	1.3%	1.7%	1.5%
Enterprise value	₹13.4B	₹7.6B	₹7.3B	₹7.1B	₹7.2B
Net debt / EBITDA	2.56×	3.15×	3.88×	3.87×	4.74×
Cash conversion cycle (days)	137	122	104	82	88