Indef Manufacturing Ltd. (BAJAJINDEF.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

+144.9%

₹440.69

vs ₹179.91 price

Levered DCF

₹245.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022
P/E	28.5×	23.54×	-61.09×	-281×
P/B	2.5×	3.18×	-61.79×	0×
P/S	3.24×	4.53×	0×	0×
EV / EBITDA	21.56×	16.92×	-45.57×	0×
Gross margin	28.0%	40.9%	0.0%	0.0%
Operating margin	8.1%	14.4%	0.0%	0.0%
Net margin	11.4%	19.2%	0.0%	0.0%
Current ratio	1.34×	1.93×	0.2×	0×
Debt / equity	0.01×	0.02×	-1.63×	0×
Interest coverage	44.27×	60.23×	-33.22×	0×
Dividend yield	1.0%	0.0%	0.0%	0.0%
Payout ratio	27.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	8.8%	13.5%	101.2%	0.0%
Return on invested capital	5.9%	7.7%	-154.8%	0.0%
Return on assets	7.1%	11.3%	-133.2%	0.0%
Free cash flow yield	2.7%	-0.5%	0.0%	0.0%
Earnings yield	3.5%	4.2%	-1.6%	-0.4%
Enterprise value	₹6.7B	₹8B	₹27.3M	₹0
Net debt / EBITDA	-0.11×	-0×	-0.93×	0×
Cash conversion cycle (days)	52	67	0	0