Asarfi Hospital Ltd. (ASARFI.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

-321.9%

-₹362.21

vs ₹163.20 price

Levered DCF

-₹583.41

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.19

Safe 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
P/E	31.67×	15.67×	33.94×	12.93×	12.83×	20.81×	28×
P/B	3.94×	2.05×	2.01×	2.48×	3.25×	4.35×	5.5×
P/S	3.15×	1.38×	1.68×	1.47×	1.13×	1.36×	1.71×
EV / EBITDA	14.33×	6.85×	8.92×	8.16×	6.62×	9.19×	12.32×
Gross margin	77.1%	76.9%	75.9%	52.0%	45.2%	41.6%	69.4%
Operating margin	13.0%	9.0%	8.8%	49.6%	43.4%	9.5%	8.9%
Net margin	9.9%	8.8%	4.9%	11.3%	8.8%	6.5%	6.1%
Current ratio	1.4×	1.43×	1.13×	1.86×	1.5×	1.12×	1.11×
Debt / equity	0.58×	0.6×	0.45×	0.41×	0.51×	0.42×	0.41×
Interest coverage	4.12×	2.66×	3.04×	40.42×	122.87×	0×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	12.4%	13.1%	5.9%	19.2%	25.3%	20.9%	19.7%
Return on invested capital	7.3%	5.8%	4.0%	32.1%	39.2%	11.4%	12.2%
Return on assets	6.3%	6.5%	2.7%	8.6%	9.1%	9.5%	9.5%
Free cash flow yield	-0.4%	-9.7%	-14.1%	-21.4%	-14.0%	2.6%	-6.3%
Earnings yield	3.2%	6.4%	2.9%	7.7%	7.8%	4.8%	3.6%
Enterprise value	₹4.1B	₹2.1B	₹1.6B	₹1.1B	₹713.9M	₹738.6M	₹768.4M
Net debt / EBITDA	1.31×	1.52×	0.82×	0.63×	-0.19×	0.05×	0.54×
Cash conversion cycle (days)	-2	-18	-309	49	16	7	-47