Asian Warehousing Limited (ASIAN.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

-25.2%

₹24.23

vs ₹32.38 price

Levered DCF

₹60.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	FY2019	FY2018	FY2016	FY2015
P/E	52.24×	284.18×	86.4×	54.31×	293.71×	338.12×	1,330.5×	17.98×
P/B	0.46×	0.65×	0.48×	0.36×	0.34×	34.1×	0.46×	0.43×
P/S	6.8×	8.01×	7.75×	5.1×	0.5×	39.41×	8.79×	1.42×
EV / EBITDA	17.58×	31.79×	17.33×	12.89×	7.63×	58.01×	-22.23×	32.6×
Gross margin	100.0%	72.5%	87.8%	86.7%	89.2%	94.6%	-3.9%	28.9%
Operating margin	47.2%	24.5%	86.3%	85.2%	88.0%	63.5%	-77.0%	28.9%
Net margin	13.0%	2.8%	8.9%	9.4%	0.2%	11.7%	0.7%	7.9%
Current ratio	0.03×	0.07×	0.21×	0.2×	0.64×	1.32×	0.09×	1.27×
Debt / equity	0.27×	0.27×	0.29×	0.29×	3.52×	3.62×	0.22×	0.77×
Interest coverage	1.21×	0.72×	1.57×	1.65×	0×	0×	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	FY2019	FY2018	FY2016	FY2015
Return on equity	0.9%	0.2%	0.6%	0.7%	0.1%	10.1%	0.0%	2.4%
Return on invested capital	2.5%	-0.5%	4.0%	4.4%	0.2%	10.3%	-2.4%	4.8%
Return on assets	0.7%	0.2%	0.4%	0.5%	0.0%	2.0%	0.0%	1.3%
Free cash flow yield	6.4%	5.7%	10.4%	15.2%	118.8%	1.7%	0.0%	0.0%
Earnings yield	1.9%	0.4%	1.2%	1.8%	0.3%	0.3%	0.1%	5.6%
Enterprise value	₹191.9M	₹239.8M	₹198.7M	₹170.4M	₹103.2M	₹1B	₹160.9M	₹318.8M
Net debt / EBITDA	6.41×	9.23×	6.3×	5.83×	6.96×	5.56×	-7.16×	20.76×
Cash conversion cycle (days)	37	30	-49	88	-55	-272	6	29