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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
-144.7%
-₹34.90
vs ₹78.16 price
Levered DCF
-₹424.19
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.5
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E23.81×45.6×79.32×109.26×194.11×177.41×147.31×329.98×
P/B2.71×5.09×11.23×13.08×20.38×13.36×11.09×9.47×
P/S5.47×11.06×18.75×25.07×37.26×25.54×23.41×30.16×
EV / EBITDA48.84×65.23×93.69×110.04×180.64×42.96×36.21×58.23×
Gross margin38.4%30.1%30.2%34.1%33.0%84.1%90.3%80.2%
Operating margin31.6%27.1%26.8%30.0%28.9%83.9%89.9%79.8%
Net margin23.0%23.6%23.6%22.9%19.2%14.4%15.9%9.1%
Current ratio0.01×0.27×0.27×0.35×0.35×3.6×14.25×4.9×
Debt / equity4.6×4.12×5.65×5.12×6.15×5.24×4.59×4.23×
Interest coverage0×677.94×676.46×594.54×433.68×1.35×1.47×1.34×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity11.4%10.8%14.2%12.0%10.5%7.5%7.5%2.8%
Return on invested capital2.1%1.9%1.9%1.9%1.6%5.2%5.6%3.5%
Return on assets2.0%2.1%2.1%1.9%1.5%1.2%1.3%0.5%
Free cash flow yield7.0%-16.9%-11.3%-10.5%-9.1%-6.3%-16.6%-38.7%
Earnings yield4.2%2.1%1.3%0.9%0.5%0.6%0.7%0.3%
Enterprise value₹1.6T₹1.8T₹2.1T₹1.9T₹1.8T₹1.1T₹844.1B₹500.4B
Net debt / EBITDA30.73×29.15×31.34×30.9×41.58×11.98×9.64×17.9×
Cash conversion cycle (days)-615214613925821-20-23