Asahi India Glass Limited (ASAHIINDIA.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

-95.8%

₹41.22

vs ₹976.60 price

Levered DCF

-₹136.17

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	59.53×	39.56×	41×	30.12×	30.39×	56.63×	24.71×	32.86×
P/B	5.22×	5.5×	5.71×	5.3×	5.94×	5.23×	2.91×	5.14×
P/S	4.18×	3.2×	3.1×	2.74×	3.3×	3.11×	1.44×	2.14×
EV / EBITDA	23.71×	22.39×	21.13×	15.12×	15.27×	20.8×	12.39×	15.03×
Gross margin	69.8%	61.7%	60.3%	63.8%	69.1%	63.5%	65.6%	65.8%
Operating margin	12.9%	52.6%	52.0%	55.8%	60.0%	52.6%	55.2%	56.2%
Net margin	7.0%	8.1%	7.6%	9.1%	10.9%	5.5%	5.8%	6.5%
Current ratio	1.43×	1.08×	1.03×	1.08×	1.13×	0.89×	0.83×	0.83×
Debt / equity	0.56×	1.01×	0.84×	0.68×	0.7×	1.09×	1.38×	1.35×
Interest coverage	3.11×	18.83×	16.62×	21.43×	13.28×	8.73×	10.79×	12.1×
Dividend yield	0.2%	0.3%	0.4%	0.4%	0.2%	0.0%	1.5%	0.7%
Payout ratio	14.1%	13.1%	14.8%	13.3%	7.1%	0.0%	38.1%	23.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.8%	13.9%	13.9%	17.6%	19.6%	9.2%	11.8%	15.6%
Return on invested capital	7.2%	31.5%	37.6%	40.3%	42.0%	26.9%	41.3%	38.2%
Return on assets	4.4%	5.5%	6.0%	8.0%	9.1%	3.5%	4.0%	5.2%
Free cash flow yield	-0.8%	-3.7%	-1.8%	0.7%	4.6%	5.6%	1.7%	-1.4%
Earnings yield	1.7%	2.5%	2.4%	3.3%	3.3%	1.8%	4.0%	3.0%
Enterprise value	₹224.7B	₹172.2B	₹152.4B	₹122.7B	₹116.4B	₹90.5B	₹55.9B	₹78.8B
Net debt / EBITDA	2.06×	3.29×	2.48×	1.58×	1.53×	3.49×	3.98×	3.11×
Cash conversion cycle (days)	122	61	222	110	100	77	94	53