Bajel Projects Limited (BAJEL.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

-2864.2%

-₹4,409.48

vs ₹159.52 price

Levered DCF

₹1,103.23

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023
P/E	78.44×	126.43×	588.92×	-1,357.14×
P/B	2.13×	2.96×	4.44×	3.92×
P/S	0.57×	0.76×	2.15×	3.84×
EV / EBITDA	16.09×	31.08×	88.48×	158.19×
Gross margin	11.2%	14.6%	18.8%	9.2%
Operating margin	2.8%	10.0%	11.6%	16.2%
Net margin	0.7%	0.6%	0.4%	-0.3%
Current ratio	1.2×	1.13×	1.47×	2.16×
Debt / equity	0.49×	0.21×	0.03×	0×
Interest coverage	1.23×	4.85×	10.68×	8.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023
Return on equity	2.7%	2.3%	0.8%	-0.3%
Return on invested capital	5.1%	20.3%	22.8%	16.2%
Return on assets	0.8%	0.7%	0.3%	-0.2%
Free cash flow yield	-3.6%	1.8%	6.7%	0.4%
Earnings yield	1.3%	0.8%	0.2%	-0.1%
Enterprise value	₹17.7B	₹18.4B	₹24.8B	₹21.9B
Net debt / EBITDA	1.66×	-2.16×	-1.13×	0×
Cash conversion cycle (days)	107	98	150	155