AU Small Finance Bank Limited (AUBANK.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

-46.6%

₹471.17

vs ₹882.30 price

Levered DCF

₹301.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.45

Distress zone

Rating

B-

Overall 3 / 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	23.81×	18.71×	25.65×	26.5×	34.56×	32.14×	22.18×	51.49×
P/B	3.15×	2.3×	3.13×	3.52×	5.54×	6.53×	3.85×	6.22×
P/S	2.91×	2.13×	3.21×	4.18×	6.01×	6.43×	3.38×	5.76×
EV / EBITDA	18.21×	13.69×	20.71×	21.43×	26.1×	27.64×	30.77×	40.87×
Gross margin	48.5%	56.7%	55.9%	59.1%	61.1%	59.4%	52.4%	52.9%
Operating margin	16.1%	15.0%	16.3%	20.2%	21.0%	22.9%	21.0%	17.0%
Net margin	12.2%	11.3%	12.5%	15.5%	16.3%	18.4%	13.5%	11.2%
Current ratio	0.06×	1.54×	0.21×	2.82×	2.51×	10.87×	8.34×	5.16×
Debt / equity	0.69×	0.68×	1.04×	0.57×	0.8×	1.12×	2.29×	2.64×
Interest coverage	0.36×	0.35×	0.37×	0.49×	0.54×	0.56×	0.44×	0.36×
Dividend yield	0.1%	0.2%	0.2%	0.1%	0.0%	0.0%	0.2%	0.1%
Payout ratio	2.8%	3.5%	4.3%	2.2%	0.0%	0.0%	3.9%	4.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.2%	12.3%	12.2%	13.0%	15.0%	18.7%	15.4%	12.1%
Return on invested capital	6.7%	1.3%	1.8%	36.0%	112.9%	31.0%	27.9%	18.3%
Return on assets	1.4%	1.3%	1.4%	1.6%	1.6%	2.3%	1.6%	1.2%
Free cash flow yield	1.6%	-54.1%	4.9%	13.4%	15.8%	12.0%	3.4%	3.7%
Earnings yield	4.2%	5.3%	3.9%	3.7%	2.7%	2.9%	4.0%	1.9%
Enterprise value	₹682.2B	₹417.1B	₹460.7B	₹439.2B	₹416.1B	₹431.9B	₹234.9B	₹262.3B
Net debt / EBITDA	1.43×	0.72×	3.01×	2.57×	0.01×	1.42×	8.68×	10.24×
Cash conversion cycle (days)	0	-2	-501	-1,056	-987	-18	-669	-61