Atishay Limited (ATISHAY.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

-16.5%

₹114.43

vs ₹137.00 price

Levered DCF

-₹64.37

After debt service

Piotroski score

2 / 9

Weak

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	33.67×	30.63×	14.16×	50.85×	394×	12.37×	12.17×	18.85×
P/B	4.36×	4.41×	1.86×	0.9×	1.2×	0.84×	0.87×	2.42×
P/S	4.31×	4.2×	1.82×	1.54×	2.19×	1.17×	1.29×	3.04×
EV / EBITDA	22.82×	22.18×	8.23×	11.71×	20.14×	5.11×	7.16×	10.69×
Gross margin	21.3%	25.0%	21.7%	17.9%	18.5%	26.2%	22.7%	36.3%
Operating margin	15.1%	23.9%	13.8%	0.2%	-0.6%	13.5%	8.8%	19.5%
Net margin	12.8%	13.7%	12.8%	3.0%	0.6%	9.4%	10.6%	16.1%
Current ratio	4.63×	2.64×	2.74×	3.51×	2.65×	4.31×	2.03×	2.41×
Debt / equity	0.1×	0.09×	0.05×	0.07×	0.11×	0.02×	0.15×	0.15×
Interest coverage	18.27×	36.81×	15.83×	0.1×	-0.29×	7.03×	4.03×	11.17×
Dividend yield	0.5%	0.5%	0.0%	0.0%	1.8%	0.0%	2.7%	0.8%
Payout ratio	15.4%	15.7%	0.0%	0.0%	682.1%	0.0%	32.5%	15.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	14.4%	13.1%	1.8%	0.3%	6.7%	7.1%	12.9%
Return on invested capital	10.2%	16.9%	9.7%	0.1%	-0.1%	6.7%	4.9%	9.9%
Return on assets	11.3%	12.0%	11.4%	1.6%	0.3%	6.2%	5.7%	10.3%
Free cash flow yield	-2.8%	1.0%	8.2%	-5.7%	-2.0%	22.8%	-2.9%	-0.9%
Earnings yield	3.0%	3.3%	7.1%	2.0%	0.3%	8.1%	8.2%	5.3%
Enterprise value	₹2.4B	₹2.1B	₹789.8M	₹332.6M	₹422.3M	₹292.3M	₹333.9M	₹811.2M
Net debt / EBITDA	-0.09×	-0.22×	0.03×	0.11×	-0.49×	-0.26×	0.77×	0.27×
Cash conversion cycle (days)	92	73	55	140	57	65	122	-13