Banco Products (India) Limited (BANCOINDIA.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

-33.4%

₹394.38

vs ₹592.50 price

Levered DCF

₹367.17

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

B-

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	16.02×	12.57×	15.93×	6.8×	6.39×	8.84×	6.08×	13.55×
P/B	4.58×	3.78×	4.11×	1.6×	0.99×	1.21×	0.66×	1.12×
P/S	1.98×	1.53×	1.56×	0.69×	0.5×	0.66×	0.33×	0.6×
EV / EBITDA	10.3×	8.8×	11.04×	5.5×	3.95×	5.08×	3.84×	5.29×
Gross margin	31.6%	44.6%	40.9%	41.7%	39.2%	41.5%	41.3%	40.5%
Operating margin	14.0%	32.9%	29.3%	30.7%	28.2%	27.8%	25.9%	27.5%
Net margin	12.4%	12.2%	9.8%	10.1%	7.8%	7.4%	5.4%	4.4%
Current ratio	2.25×	1.98×	2.24×	2.24×	3.17×	3.21×	2.7×	3.18×
Debt / equity	0.36×	0.44×	0.4×	0.42×	0.12×	0.02×	0.13×	0.05×
Interest coverage	24.21×	41.21×	40.52×	56.95×	104.93×	117.82×	118.77×	101.28×
Dividend yield	2.8%	3.2%	5.6%	12.5%	1.5%	0.0%	35.4%	8.2%
Payout ratio	44.5%	40.2%	89.6%	85.0%	9.4%	0.0%	214.8%	111.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	28.6%	30.1%	25.8%	23.5%	15.5%	13.7%	10.8%	8.3%
Return on invested capital	17.2%	37.5%	38.5%	36.1%	31.4%	35.3%	28.7%	24.9%
Return on assets	15.8%	13.8%	13.4%	12.5%	10.0%	9.4%	6.9%	5.7%
Free cash flow yield	3.1%	1.3%	8.4%	-10.4%	-1.8%	12.4%	3.7%	2.2%
Earnings yield	6.2%	8.0%	6.3%	14.7%	15.7%	11.3%	16.5%	7.4%
Enterprise value	₹82.5B	₹53.8B	₹47.3B	₹20.1B	₹10.8B	₹9.5B	₹5B	₹9.7B
Net debt / EBITDA	0.67×	0.74×	0.95×	1.12×	0.38×	-0.32×	0.27×	0.19×
Cash conversion cycle (days)	196	228	181	238	188	179	189	152