Arihant Capital Markets Ltd. (ARIHANTCAP.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

+595.0%

₹613.15

vs ₹88.22 price

Levered DCF

₹126.53

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.89

Grey zone

Rating

B+

Overall 3 / 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	20.28×	12.38×	8.75×	13.8×	16.4×	7.51×	14.89×	15.54×
P/B	1.45×	1.89×	1.91×	1.57×	3.61×	1.43×	1.74×	1.94×
P/S	3.09×	5.22×	5.07×	5.07×	8.53×	3.6×	4.68×	4.32×
EV / EBITDA	18.71×	8.24×	6.43×	8.78×	12.02×	6.03×	7.71×	10.07×
Gross margin	53.7%	17.1%	18.3%	15.5%	24.1%	27.4%	19.9%	21.2%
Operating margin	20.3%	-11.5%	-7.3%	-11.1%	6.4%	9.8%	-0.9%	2.7%
Net margin	15.2%	42.2%	57.9%	36.7%	52.0%	47.9%	31.4%	27.8%
Current ratio	1.61×	2.64×	1.74×	1.86×	1.55×	1.54×	1.64×	1.26×
Debt / equity	0.54×	0.31×	0.31×	0.23×	0.36×	0.31×	0.28×	0.81×
Interest coverage	3.22×	-0.81×	-0.71×	-0.97×	1.03×	2.07×	-0.06×	0.16×
Dividend yield	0.8%	0.7%	0.7%	0.4%	0.4%	0.8%	0.9%	0.6%
Payout ratio	16.5%	8.9%	5.9%	5.4%	7.2%	6.0%	13.0%	9.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.1%	15.3%	21.9%	11.3%	22.0%	19.0%	11.7%	12.5%
Return on invested capital	3.3%	-2.0%	-1.6%	-2.0%	1.5%	2.3%	-0.2%	0.6%
Return on assets	2.9%	7.5%	9.0%	5.6%	8.7%	7.5%	5.2%	4.9%
Free cash flow yield	22.0%	2.0%	-5.3%	2.6%	-2.2%	-12.4%	45.0%	-2.0%
Earnings yield	4.9%	8.1%	11.4%	7.2%	6.1%	13.3%	6.7%	6.4%
Enterprise value	₹8.5B	₹8.3B	₹6.9B	₹4.4B	₹8.7B	₹2.9B	₹2.5B	₹3.5B
Net debt / EBITDA	4.64×	0.99×	0.7×	0.78×	0.62×	0.65×	-0.36×	2.68×
Cash conversion cycle (days)	-1,259	-175	-253	225	-220	-72	-608	423