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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
+130.3%
₹3,882.84
vs ₹1,685.80 price
Levered DCF
₹1,689.82
After debt service
Piotroski score
5 / 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 ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E21.62×18.96×20.56×15.75×14.79×9.68×8.51×19.63×
P/B2×2.02×2.19×1.13×1.59×2.35×1.44×3.34×
P/S2.25×2.08×2.25×1.22×1.67×2.08×1.05×2.37×
EV / EBITDA10.17×10.05×11.64×8.32×8.64×9.37×5.58×12.95×
Gross margin39.2%57.5%55.2%53.2%55.4%58.9%56.6%54.2%
Operating margin15.1%37.8%36.0%32.6%33.3%38.0%38.0%35.7%
Net margin10.4%11.0%10.9%7.8%11.3%21.5%12.3%12.1%
Current ratio1.81×1.85×1.98×1.87×2.22×1.86×1.44×1.28×
Debt / equity0.21×0.25×0.22×0.2×0.13×0.24×0.35×0.5×
Interest coverage13.22×26.25×36.07×57.69×160.48×126.23×54.93×42.96×
Dividend yield0.3%0.0%0.4%1.4%0.7%0.5%0.7%0.3%
Payout ratio6.6%0.0%8.3%22.8%10.0%4.4%6.2%6.2%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity9.2%10.7%10.6%7.2%10.8%24.3%16.9%17.0%
Return on invested capital7.3%19.9%20.4%18.3%21.5%24.3%28.7%25.2%
Return on assets6.0%7.0%7.0%4.8%7.8%15.8%9.8%8.9%
Free cash flow yield3.7%3.0%-1.7%-1.1%5.9%2.8%12.2%0.2%
Earnings yield4.6%5.3%4.9%6.3%6.8%10.3%11.8%5.1%
Enterprise value₹739.7B₹661.3B₹684.9B₹312.5B₹382.9B₹516B₹273.8B₹515.4B
Net debt / EBITDA-0.25×0×0.55×0.24×-0.2×-0.01×0.65×1.28×
Cash conversion cycle (days)193238211211238282255255