Associated Ceramics Ltd. (ASSOCER.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

-121.3%

-₹35.78

vs ₹168.00 price

Levered DCF

₹236.92

After debt service

Piotroski score

—

Altman Z-score

—

Rating

Overall 2 / 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	18.76×	21.08×	159.69×	0.4×	0.49×	0.45×	0.63×	1.09×
P/B	1.51×	1.93×	6.37×	0.09×	0.08×	0.1×	0.12×	0.15×
P/S	0.88×	1.09×	3.38×	0.03×	0.05×	0.07×	0.06×	0.08×
EV / EBITDA	7.08×	6.4×	25.45×	0.93×	0.66×	1.3×	1×	0.97×
Gross margin	40.3%	42.1%	41.8%	35.5%	41.0%	31.0%	29.4%	27.6%
Operating margin	5.2%	5.4%	4.0%	12.0%	13.3%	11.7%	11.0%	5.0%
Net margin	4.7%	5.1%	2.1%	8.2%	10.9%	14.9%	10.1%	7.0%
Current ratio	1.39×	1.01×	0.83×	1.23×	2.22×	1.99×	1.68×	1.33×
Debt / equity	0.12×	0.06×	0.33×	0.31×	0.12×	0.26×	0.22×	0.11×
Interest coverage	13.16×	6.85×	4.6×	17.45×	54.12×	16.18×	8.57×	3.08×
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	FY2022	FY2021	FY2020	FY2019
Return on equity	8.1%	9.2%	4.0%	22.2%	16.3%	21.0%	19.1%	13.6%
Return on invested capital	5.9%	5.5%	2.7%	13.3%	13.7%	13.0%	16.3%	8.4%
Return on assets	5.3%	4.7%	1.8%	9.7%	12.5%	14.4%	11.5%	7.8%
Free cash flow yield	4.2%	10.0%	9.5%	-396.4%	133.1%	-95.9%	-60.9%	420.8%
Earnings yield	5.3%	4.7%	0.6%	248.7%	203.5%	220.7%	158.3%	91.4%
Enterprise value	₹419.5M	₹451.5M	₹1.4B	₹75.2M	₹42.4M	₹72M	₹50M	₹33.5M
Net debt / EBITDA	0.51×	-0.05×	1.18×	0.7×	0.34×	0.93×	0.59×	0.37×
Cash conversion cycle (days)	93	119	110	99	161	203	169	107