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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
+74.4%
₹11,048.59
vs ₹6,334.50 price
Levered DCF
₹6,589.97
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
—
Rating
C+
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E103.53×183.43×80.5×81.89×103.57×80.64×83.24×92.33×
P/B22.24×27.56×18.26×13.81×12.48×16.49×16.49×16.71×
P/S8.53×12.39×10.04×8.11×7.92×9.3×7.23×7.11×
EV / EBITDA66.87×104.8×53.04×50.59×58.85×48.56×44.42×55.42×
Gross margin26.5%41.6%48.0%57.6%55.6%59.1%72.1%69.8%
Operating margin10.3%12.5%13.2%14.8%8.6%14.4%12.3%8.0%
Net margin8.2%6.8%12.5%9.9%7.6%11.5%8.7%7.7%
Current ratio1.77×1.91×2.61×2.18×2.12×2.04×1.66×1.56×
Debt / equity0.13×0.05×0.01×0.01×0.02×0.03×0.03×0×
Interest coverage51.99×147.13×142.86×236.33×73.32×106.66×89.96×0×
Dividend yield0.4%0.3%0.3%0.2%0.1%0.1%0.0%0.0%
Payout ratio42.7%51.8%24.8%20.1%8.1%5.4%3.5%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity21.5%15.0%22.7%16.9%12.0%20.5%19.8%18.1%
Return on invested capital17.0%19.4%17.5%18.2%9.8%18.0%17.0%14.0%
Return on assets9.4%7.6%15.0%10.1%7.2%12.0%10.2%9.7%
Free cash flow yield0.0%0.3%0.1%0.6%1.4%1.3%1.2%0.7%
Earnings yield1.0%0.5%1.2%1.2%1.0%1.2%1.2%1.1%
Enterprise value₹190.8B₹207.3B₹125B₹76.4B₹59.4B₹71.8B₹59.4B₹48.5B
Net debt / EBITDA-1.18×-2.53×-2.13×-3.27×-4.36×-2.3×-0.54×-1.98×
Cash conversion cycle (days)88736511-1218-34-41