Ashirwad Capital Limited (ASHCAP.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

+105.0%

₹5.08

vs ₹2.48 price

Levered DCF

-₹1.33

After debt service

Piotroski score

4 / 9

Average

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	22.08×	45.14×	20.53×	20.18×	27.91×	31.03×	34.08×	18.38×
P/B	1.21×	1.96×	1.65×	1.16×	2.19×	1.86×	1.59×	1.44×
P/S	15.94×	36.83×	16.62×	15.94×	22.62×	25.36×	21.76×	12.81×
EV / EBITDA	17.6×	38.14×	17.83×	17.9×	23.85×	29.08×	25.48×	13.23×
Gross margin	98.5%	97.9%	99.2%	98.1%	98.9%	98.0%	96.1%	98.6%
Operating margin	84.2%	83.7%	92.8%	88.3%	91.6%	85.9%	73.2%	88.4%
Net margin	71.3%	81.6%	82.5%	78.9%	81.1%	81.7%	63.9%	69.7%
Current ratio	0.01×	0.09×	12.95×	13.72×	4.61×	0.54×	18.29×	6.95×
Debt / equity	0.16×	0.14×	0×	0×	0×	0×	0×	0×
Interest coverage	4.27×	10.57×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	4.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	214.3%	83.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.4%	4.3%	8.2%	5.7%	7.8%	6.0%	4.7%	7.9%
Return on invested capital	4.8%	3.3%	8.2%	5.7%	7.8%	6.0%	4.6%	7.8%
Return on assets	4.6%	3.8%	8.1%	5.6%	7.7%	5.9%	4.6%	7.6%
Free cash flow yield	0.2%	5.6%	-4.1%	-10.8%	-0.1%	-0.1%	1.4%	-4.9%
Earnings yield	4.5%	2.2%	5.0%	5.0%	3.6%	3.2%	2.9%	5.4%
Enterprise value	₹260.7M	₹408.4M	₹311.7M	₹153.2M	₹268.8M	₹178.3M	₹87.3M	₹119.6M
Net debt / EBITDA	1.98×	2.59×	-0×	-0×	-0.67×	-0.03×	-3.47×	-1.1×
Cash conversion cycle (days)	0	90	529	582	0	0	0	0