Anand Rayons Limited (ARL.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

-30.2%

₹22.74

vs ₹32.57 price

Levered DCF

₹151.80

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	18.65×	108.39×	19.07×	18.19×	19.49×	79.58×	84.89×	18.45×
P/B	1.32×	4.9×	1.65×	1.73×	1.91×	2.12×	2.18×	2.83×
P/S	0.31×	1.2×	0.17×	0.17×	0.17×	0.28×	0.23×	0.14×
EV / EBITDA	13.71×	48.36×	10.13×	12.16×	11.01×	24.65×	27.2×	10.56×
Gross margin	4.2%	4.1%	3.9%	3.6%	3.6%	3.5%	6.6%	4.7%
Operating margin	2.2%	2.3%	2.0%	2.1%	2.4%	1.8%	6.1%	4.2%
Net margin	1.7%	1.1%	0.9%	0.9%	0.9%	0.3%	0.3%	0.8%
Current ratio	2.96×	5.36×	2.22×	2.12×	1.88×	2.11×	2.13×	1.74×
Debt / equity	0.35×	0.21×	0.8×	1.03×	1.04×	1.33×	1.28×	2.08×
Interest coverage	4.19×	2.71×	2.44×	2.95×	2.37×	1.93×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.3%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	111.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.1%	4.5%	8.6%	9.5%	9.8%	2.7%	2.5%	15.4%
Return on invested capital	5.2%	5.8%	8.0%	8.0%	9.3%	4.2%	18.2%	18.8%
Return on assets	4.7%	3.5%	4.2%	4.1%	3.7%	1.0%	1.0%	3.9%
Free cash flow yield	-9.8%	2.8%	25.9%	12.5%	15.1%	0.2%	-25.2%	-92.9%
Earnings yield	5.4%	0.9%	5.2%	5.5%	5.1%	1.3%	1.2%	5.4%
Enterprise value	₹1.4B	₹3.7B	₹736.9M	₹865M	₹884.6M	₹932.3M	₹909.1M	₹680.4M
Net debt / EBITDA	0.19×	-0.99×	1.92×	4.11×	3.89×	9.51×	10.07×	4.46×
Cash conversion cycle (days)	77	69	44	57	67	90	70	53