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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
-14.1%
₹331.76
vs ₹386.25 price
Levered DCF
₹256.60
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
20.56
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E24.48×18.04×20.17×16.03×14.2×17.19×10.58×20.94×
P/B6.17×3.02×3.77×2.83×2.98×5.06×2.99×9.93×
P/S4×2.34×3.24×2.35×2.78×4.24×2.37×5.21×
EV / EBITDA18.73×17.52×15.6×12.5×11.28×13.79×8.36×15.96×
Gross margin47.1%54.2%54.3%53.6%55.2%60.9%64.0%64.0%
Operating margin17.6%28.0%13.9%13.4%18.7%25.2%24.1%30.0%
Net margin16.3%13.0%16.1%14.7%19.6%24.7%22.4%24.9%
Current ratio3.49×4.48×5.49×5.86×6.32×5.29×3.92×3.09×
Debt / equity0.02×0.01×0.01×0.01×0×0.01×0.03×0.05×
Interest coverage127.59×502.97×132.65×130.15×185.72×165.75×49.12×269.3×
Dividend yield0.0%0.0%3.6%2.6%4.9%3.1%0.0%4.5%
Payout ratio0.0%0.0%73.4%42.4%69.6%52.9%0.0%93.2%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity25.2%16.7%18.7%17.6%21.0%29.5%28.3%47.4%
Return on invested capital21.8%29.2%13.1%13.0%16.4%24.7%24.3%42.5%
Return on assets20.1%13.9%15.8%15.1%18.2%25.0%22.7%36.6%
Free cash flow yield4.0%2.6%3.6%4.3%4.9%6.1%8.8%3.5%
Earnings yield4.1%5.5%5.0%6.2%7.0%5.8%9.5%4.8%
Enterprise value₹46.5B₹22.3B₹31.2B₹22.3B₹24B₹38.3B₹19.6B₹46.5B
Net debt / EBITDA-0.02×-0.21×-0.07×-0.03×-0.05×-0.01×0.04×0.04×
Cash conversion cycle (days)3832301719-17-112