Bajaj Healthcare Ltd (BAJAJHCARE.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

-51.1%

₹151.75

vs ₹310.10 price

Levered DCF

-₹329.67

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.61

Grey zone

Rating

C+

Overall 2 / 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	58.25×	50.63×	-10.01×	19.68×	13.17×	12.05×	39.71×	61.41×
P/B	1.72×	4.64×	3.01×	2.3×	2.86×	3.88×	6.61×	7.76×
P/S	1.5×	3.98×	1.77×	1.31×	1.38×	1.53×	2.79×	3.1×
EV / EBITDA	14.35×	23.39×	26.31×	10.21×	9.96×	8.15×	19.86×	25.17×
Gross margin	33.4%	31.5%	45.3%	20.6%	27.1%	29.4%	26.4%	12.8%
Operating margin	12.6%	10.0%	10.3%	14.9%	15.6%	19.0%	12.1%	10.7%
Net margin	2.6%	7.3%	-17.7%	6.7%	10.5%	12.7%	7.0%	5.0%
Current ratio	1.71×	1.78×	1.09×	1.15×	1.24×	1.41×	1.23×	1.17×
Debt / equity	0.47×	0.48×	1.2×	1.13×	0.78×	0.7×	0.6×	0.63×
Interest coverage	3.48×	1.95×	1.64×	5.48×	8.29×	14.97×	6.54×	4.31×
Dividend yield	0.3%	0.1%	0.3%	0.5%	0.1%	0.2%	0.0%	0.1%
Payout ratio	20.0%	7.0%	-3.3%	9.6%	1.9%	2.9%	0.0%	4.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.0%	8.5%	-30.1%	11.7%	21.7%	32.2%	16.6%	12.6%
Return on invested capital	7.2%	7.1%	6.8%	10.1%	14.3%	19.7%	12.2%	11.0%
Return on assets	1.7%	4.7%	-11.0%	4.8%	9.9%	15.8%	7.7%	6.1%
Free cash flow yield	-0.7%	-0.8%	7.4%	-17.3%	-8.4%	-7.0%	-0.2%	1.0%
Earnings yield	1.7%	1.8%	-10.0%	5.1%	7.6%	8.3%	2.5%	1.6%
Enterprise value	₹11.3B	₹23.8B	₹11.7B	₹12.4B	₹11.9B	₹11.7B	₹10.9B	₹10.7B
Net debt / EBITDA	2.68×	2.17×	7.44×	3.26×	2.12×	1.16×	1.58×	1.71×
Cash conversion cycle (days)	230	235	216	223	143	77	75	84