Aryaman Capital Markets Ltd. (ARYACAPM.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

-74.1%

₹115.14

vs ₹444.95 price

Levered DCF

₹161.71

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

31.8

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.74×	11.74×	22.45×	38.39×	106.85×	200×	530.3×	233.33×
P/B	4.58×	3.48×	3.52×	1.99×	1.9×	2.86×	2.85×	2.57×
P/S	19.12×	3.65×	4.54×	1.26×	0.47×	0.37×	0.59×	0.65×
EV / EBITDA	28.35×	9.64×	16.48×	19.31×	18.91×	23.59×	496.59×	215.31×
Gross margin	58.7%	100.0%	29.2%	8.3%	4.7%	3.0%	4.0%	3.8%
Operating margin	57.1%	99.3%	27.6%	7.8%	4.0%	2.3%	3.4%	3.5%
Net margin	48.1%	31.1%	20.2%	3.3%	0.4%	0.2%	0.1%	0.3%
Current ratio	9.21×	13.13×	1.32×	1,992.46×	0.28×	1.59×	7.19×	18.21×
Debt / equity	0×	0.36×	1.12×	1.43×	1.68×	1.59×	1.86×	1.62×
Interest coverage	57.22×	20.32×	0×	1.12×	1.24×	1.13×	1.04×	1.12×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	29.6%	15.7%	5.2%	1.8%	1.4%	0.5%	1.1%
Return on invested capital	9.9%	44.8%	8.5%	2.6%	4.2%	2.6%	5.1%	3.9%
Return on assets	10.5%	19.7%	7.1%	2.1%	0.7%	0.5%	0.2%	0.4%
Free cash flow yield	7.1%	10.3%	6.0%	12.0%	21.8%	20.7%	-13.2%	-46.4%
Earnings yield	2.5%	8.5%	4.5%	2.6%	0.9%	0.5%	0.2%	0.4%
Enterprise value	₹4.7B	₹3B	₹1.9B	₹965M	₹566.2M	₹749.7M	₹828.3M	₹811.5M
Net debt / EBITDA	-1.52×	0.86×	3.68×	7.9×	7.37×	7.76×	195.01×	81.84×
Cash conversion cycle (days)	-33	-10	265	148	108	78	0	150