Arman Holdings Limited (ARMAN.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

-85.9%

₹18.73

vs ₹132.90 price

Levered DCF

₹16.45

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

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	45.41×	-2,954.39×	1,783.86×	2,144.64×	1,845.49×	34,400×	1,730.38×	1,653.85×
P/B	5.87×	7.21×	5.33×	7.56×	6.78×	6.81×	7.15×	7.18×
P/S	12.08×	12.34×	7.34×	10.78×	11.01×	28.53×	10.93×	11.85×
EV / EBITDA	33.12×	-3,323.45×	1,136.88×	1,233.98×	1,207.11×	10,417.11×	1,207.83×	1,332.93×
Gross margin	40.8%	4.7%	5.0%	5.2%	5.5%	13.0%	6.6%	6.6%
Operating margin	35.4%	2.1%	2.7%	0.7%	3.5%	7.8%	4.5%	4.4%
Net margin	26.6%	-0.4%	0.4%	0.5%	0.6%	0.1%	0.6%	0.7%
Current ratio	14.05×	149.81×	6.22×	11.82×	175.43×	137.46×	47.21×	10.54×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	35.75×	705.5×	179.68×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.9%	-0.2%	0.3%	0.4%	0.4%	0.0%	0.4%	0.4%
Return on invested capital	12.9%	1.2%	1.4%	0.4%	1.6%	0.7%	2.2%	1.9%
Return on assets	12.3%	-0.2%	0.3%	0.3%	0.4%	0.0%	0.4%	0.4%
Free cash flow yield	2.7%	-0.1%	0.2%	-0.0%	0.0%	-0.0%	-0.4%	-1.6%
Earnings yield	2.2%	-0.0%	0.1%	0.0%	0.1%	0.0%	0.1%	0.1%
Enterprise value	₹419.1M	₹452M	₹321.7M	₹447.9M	₹447.8M	₹447.9M	₹447.9M	₹446.5M
Net debt / EBITDA	-0.95×	4.15×	-2.8×	-0.46×	-0.71×	-3.89×	-0.42×	-4.85×
Cash conversion cycle (days)	349	387	317	344	352	1,009	363	362