Astral Limited (ASTRAL.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

-8.5%

₹1,262.73

vs ₹1,380.60 price

Levered DCF

₹2,097.42

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	80.07×	67.15×	99.84×	80.98×	84.24×	80.31×	56.91×	73.68×
P/B	10.59×	9.72×	17.1×	13.25×	17.44×	17.13×	9.39×	11.29×
P/S	6.54×	6.03×	9.66×	6.96×	9.27×	10.23×	5.48×	5.75×
EV / EBITDA	40.15×	36.79×	58.43×	43.9×	53.23×	50.41×	32.19×	37.93×
Gross margin	26.4%	39.2%	38.2%	33.0%	33.1%	37.7%	37.7%	33.8%
Operating margin	11.7%	26.6%	26.2%	23.7%	24.4%	28.1%	27.1%	24.4%
Net margin	8.2%	9.0%	9.7%	8.9%	11.0%	12.7%	9.6%	7.8%
Current ratio	1.76×	1.88×	1.77×	1.69×	1.85×	1.84×	1.57×	1.48×
Debt / equity	0.06×	0.06×	0.04×	0.03×	0.04×	0.04×	0.13×	0.22×
Interest coverage	24.08×	46.53×	55.57×	71.42×	176.03×	76.96×	33.06×	23.82×
Dividend yield	0.2%	0.3%	0.2%	0.2%	0.1%	0.0%	0.2%	0.1%
Payout ratio	18.8%	19.2%	18.4%	13.2%	9.3%	3.7%	9.7%	4.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.2%	14.5%	17.1%	16.8%	20.7%	21.3%	16.5%	15.3%
Return on invested capital	12.8%	28.7%	32.0%	30.7%	32.4%	33.5%	32.3%	26.3%
Return on assets	9.2%	10.4%	12.1%	10.4%	14.3%	15.1%	10.8%	9.3%
Free cash flow yield	1.4%	0.2%	0.5%	0.7%	0.5%	1.5%	1.3%	0.8%
Earnings yield	1.2%	1.5%	1.0%	1.3%	1.2%	1.2%	1.8%	1.4%
Enterprise value	₹423.3B	₹348B	₹540.3B	₹356.1B	₹402.1B	₹324.9B	₹143B	₹146.1B
Net debt / EBITDA	-0.61×	-0.4×	-0.53×	-0.38×	-0.72×	0.01×	0.41×	0.48×
Cash conversion cycle (days)	24	44	29	35	22	24	47	51