Azad Engineering Limited (AZAD.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

-211.0%

-₹2,910.44

vs ₹2,621.00 price

Levered DCF

-₹3,515.43

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	72.14×	94.7×	120.43×	473.78×	136.04×	347.44×
P/B	6.27×	5.93×	10.94×	19.63×	35.11×	44.06×
P/S	15.9×	18.63×	21.5×	16.58×	22.73×	33.89×
EV / EBITDA	36.45×	51.64×	52.7×	75.98×	71.1×	142.54×
Gross margin	59.1%	73.5%	75.7%	76.1%	75.6%	69.9%
Operating margin	28.6%	29.7%	29.3%	24.4%	26.5%	16.3%
Net margin	22.0%	19.7%	17.9%	3.5%	15.9%	9.7%
Current ratio	3.27×	5.2×	4.29×	1.91×	1.13×	1.12×
Debt / equity	0.31×	0.19×	0.06×	1.47×	1.64×	0.97×
Interest coverage	5.6×	7.25×	2.1×	1.33×	4.61×	4.43×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	8.7%	6.3%	9.1%	4.2%	24.5%	12.7%
Return on invested capital	5.9%	5.4%	9.8%	7.3%	10.9%	7.2%
Return on assets	6.0%	4.7%	7.3%	1.4%	7.3%	4.5%
Free cash flow yield	-7.2%	-2.9%	-1.2%	-2.4%	-2.3%	-0.4%
Earnings yield	1.4%	1.1%	0.8%	0.2%	0.7%	0.3%
Enterprise value	₹98.8B	₹84.9B	₹70.7B	₹42.9B	₹44.1B	₹40.9B
Net debt / EBITDA	1.07×	1.35×	0.08×	4.98×	3.11×	2.99×
Cash conversion cycle (days)	550	522	569	423	267	135