Asian Star Company Limited (ASTAR.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

+236.0%

₹2,150.55

vs ₹640.00 price

Levered DCF

₹98.01

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.45

Safe zone

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	24.16×	28.19×	16.16×	13.36×	12.76×	19.73×	17.99×	9.87×
P/B	0.59×	0.78×	0.82×	0.77×	0.91×	1.04×	0.98×	1.06×
P/S	0.34×	0.41×	0.35×	0.25×	0.27×	0.5×	0.37×	0.31×
EV / EBITDA	15.88×	15.84×	12.09×	11.03×	13.56×	20.01×	14.04×	9.13×
Gross margin	4.2%	4.5%	7.1%	14.5%	13.8%	6.1%	7.8%	8.3%
Operating margin	1.9%	2.4%	2.5%	1.7%	2.1%	0.3%	-0.8%	13.4%
Net margin	1.4%	1.5%	2.2%	1.8%	2.1%	2.5%	2.1%	3.2%
Current ratio	3.16×	2.93×	2.25×	2.33×	2.12×	2.38×	2.26×	1.98×
Debt / equity	0.3×	0.34×	0.49×	0.44×	0.53×	0.45×	0.57×	0.64×
Interest coverage	2.12×	2.07×	2.18×	3.35×	10.01×	1.52×	-1.16×	16.6×
Dividend yield	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%
Payout ratio	5.9%	5.6%	3.1%	2.9%	2.6%	3.8%	3.8%	2.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.4%	2.8%	5.1%	5.8%	7.1%	5.3%	5.4%	10.7%
Return on invested capital	2.0%	2.5%	3.0%	2.9%	3.8%	0.4%	-1.1%	22.7%
Return on assets	1.6%	1.8%	2.8%	3.3%	3.9%	3.1%	3.1%	5.6%
Free cash flow yield	7.5%	16.9%	-6.6%	8.0%	-15.1%	9.2%	8.8%	10.4%
Earnings yield	4.1%	3.5%	6.2%	7.5%	7.8%	5.1%	5.6%	10.1%
Enterprise value	₹13.5B	₹15.7B	₹18B	₹15.4B	₹17.7B	₹15.8B	₹16.3B	₹16.8B
Net debt / EBITDA	4.41×	3.52×	3.71×	3.13×	4.38×	4.03×	4.19×	2.95×
Cash conversion cycle (days)	178	180	173	123	107	156	149	117