Bajaj Steel Industries Limited (BAJAJST.BO) 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

-27.0%

₹232.82

vs ₹319.00 price

Levered DCF

₹89.76

After debt service

Piotroski score

2 / 9

Weak

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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.04×	17.66×	10.75×	8.23×	9.01×	3.4×	1.62×	4.79×
P/B	1.48×	3.87×	1.91×	2.03×	1.59×	1.3×	0.38×	0.81×
P/S	1.2×	2.58×	1.16×	1.02×	0.77×	0.44×	0.09×	0.18×
EV / EBITDA	9.82×	11.33×	6.85×	5×	4.62×	2.15×	2.54×	4.06×
Gross margin	31.3%	35.6%	40.3%	40.1%	35.8%	28.6%	31.7%	32.3%
Operating margin	8.1%	14.0%	13.9%	15.4%	10.8%	17.1%	7.8%	7.5%
Net margin	7.0%	14.5%	10.8%	12.4%	8.5%	13.0%	5.8%	3.7%
Current ratio	1.69×	1.97×	1.77×	2×	1.95×	1.85×	1.57×	1.4×
Debt / equity	0.15×	0.17×	0.19×	0.16×	0.31×	0.31×	0.71×	0.94×
Interest coverage	8.43×	19.35×	16.34×	11.62×	6.09×	9.62×	3.68×	2.86×
Dividend yield	0.3%	1.9%	0.2%	0.2%	0.5%	0.4%	2.9%	1.3%
Payout ratio	5.6%	33.3%	2.6%	1.5%	4.3%	1.4%	4.8%	6.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.7%	21.8%	17.8%	24.7%	17.6%	38.3%	23.2%	17.0%
Return on invested capital	6.3%	13.2%	14.0%	18.7%	12.2%	28.0%	13.1%	10.4%
Return on assets	5.3%	14.0%	10.5%	15.2%	9.2%	17.8%	8.8%	5.3%
Free cash flow yield	3.4%	0.1%	-2.7%	-3.7%	8.8%	31.7%	49.5%	9.1%
Earnings yield	5.9%	5.6%	9.3%	12.1%	11.1%	29.4%	61.5%	20.9%
Enterprise value	₹5.9B	₹14.9B	₹6.6B	₹5.6B	₹3B	₹2.2B	₹967.7M	₹1.3B
Net debt / EBITDA	-0.61×	-0.11×	0.24×	-0.01×	-0.42×	-0.02×	1.53×	2×
Cash conversion cycle (days)	123	109	113	76	83	61	88	107