ATV Projects India Limited (ATVPR.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

+40.0%

₹30.10

vs ₹21.50 price

Levered DCF

₹70.63

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.8

Distress zone

Rating

A+

Overall 4 / 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	21.73×	23.38×	13.52×	7.3×	6.54×	3.18×	5.87×	-9.13×
P/B	0.73×	0.85×	0.44×	0.19×	0.28×	0.12×	0.08×	0.19×
P/S	2.3×	2.48×	1.42×	0.78×	1.61×	0.65×	0.38×	0.82×
EV / EBITDA	22.62×	25.63×	17.86×	14.38×	13.74×	10.28×	20.46×	-40.85×
Gross margin	29.4%	34.9%	20.7%	38.3%	48.7%	45.3%	44.6%	39.3%
Operating margin	10.4%	9.4%	10.3%	7.4%	6.5%	8.2%	7.3%	-9.1%
Net margin	10.6%	10.5%	10.5%	10.6%	24.6%	20.4%	6.5%	-8.9%
Current ratio	2.99×	5.05×	3.2×	2.76×	2.44×	3.07×	2.82×	2.45×
Debt / equity	0.17×	0.21×	0.25×	0.28×	0.3×	0.35×	0.35×	0.4×
Interest coverage	164.16×	1,018.72×	635.19×	325.89×	223.99×	219.4×	144.34×	-1,952.63×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	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	3.4%	3.6%	3.3%	2.6%	4.3%	3.8%	1.3%	-2.0%
Return on invested capital	2.8%	2.6%	2.5%	1.4%	0.9%	1.0%	1.0%	-1.5%
Return on assets	2.7%	2.9%	2.4%	1.9%	3.0%	2.6%	0.9%	-1.4%
Free cash flow yield	7.4%	3.1%	7.0%	-6.8%	4.2%	-26.7%	61.9%	6.8%
Earnings yield	4.6%	4.2%	7.4%	13.6%	15.2%	31.4%	17.1%	-10.9%
Enterprise value	₹1.9B	₹2.2B	₹1.3B	₹908.2M	₹1.1B	₹851.4M	₹763.7M	₹1B
Net debt / EBITDA	3.64×	4.89×	6.27×	8.49×	7.09×	7.63×	16.61×	-27.76×
Cash conversion cycle (days)	252	240	327	497	756	410	437	428