Aster DM Healthcare Limited (ASTERDM.NS) 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

-77.2%

₹155.34

vs ₹680.85 price

Levered DCF

₹204.25

After debt service

Piotroski score

4 / 9

Average

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	88.98×	4.44×	156.94×	28.19×	18.67×	46.28×	17.27×	23.24×
P/B	7.55×	6.97×	4.45×	2.69×	2.48×	2.03×	1.46×	2.41×
P/S	7.44×	5.87×	5.58×	4.06×	0.96×	0.8×	0.57×	0.99×
EV / EBITDA	37.03×	29.42×	36.79×	16.3×	9.37×	10.2×	8.35×	11.76×
Gross margin	30.6%	76.9%	74.8%	73.4%	71.8%	69.8%	77.9%	68.1%
Operating margin	13.7%	12.9%	10.1%	9.0%	8.2%	5.9%	8.3%	7.5%
Net margin	8.4%	132.2%	3.6%	14.4%	5.1%	1.7%	3.3%	4.3%
Current ratio	1.99×	2.16×	1.25×	1.06×	1.15×	1.14×	1.1×	1.36×
Debt / equity	0.49×	0.59×	0.3×	1.28×	1.24×	1.42×	1.72×	0.87×
Interest coverage	5.18×	3.96×	3.08×	2.77×	2.75×	1.5×	1.8×	2.85×
Dividend yield	0.2%	25.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	13.4%	114.8%	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	8.5%	156.9%	2.8%	9.6%	13.3%	4.4%	8.5%	10.4%
Return on invested capital	6.5%	6.3%	4.1%	1.9%	8.0%	4.7%	6.7%	7.4%
Return on assets	4.8%	81.4%	0.7%	2.9%	4.2%	1.3%	2.2%	3.7%
Free cash flow yield	0.6%	0.3%	-3.1%	8.2%	7.8%	16.8%	14.5%	0.1%
Earnings yield	1.1%	22.5%	0.6%	3.5%	5.4%	2.2%	5.8%	4.3%
Enterprise value	₹354.3B	₹245.2B	₹216B	₹172.9B	₹143.8B	₹113.8B	₹102.7B	₹103B
Net debt / EBITDA	0.93×	0.77×	2.22×	5.02×	2.97×	4.08×	4.46×	2.92×
Cash conversion cycle (days)	-20	-107	-101	-438	-65	-74	-119	66