Bank of Baroda Limited (BANKBARODA.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

-62.1%

₹92.32

vs ₹243.68 price

Levered DCF

₹256.12

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.21

Distress zone

Rating

B+

Overall 3 / 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	6.45×	5.71×	7.35×	5.86×	7.35×	22.32×	23.08×	42.13×
P/B	0.77×	0.81×	1.15×	0.83×	0.63×	0.42×	0.28×	0.84×
P/S	0.82×	0.8×	1×	0.83×	0.66×	0.39×	0.24×	0.76×
EV / EBITDA	5.11×	3.1×	4.68×	3.95×	3.17×	-2.89×	-118.73×	-4×
Gross margin	40.6%	47.1%	49.3%	52.8%	55.5%	51.0%	44.4%	46.4%
Operating margin	16.3%	18.9%	19.1%	19.7%	11.7%	7.4%	-1.3%	2.6%
Net margin	12.7%	14.0%	13.6%	14.1%	9.0%	1.8%	1.0%	1.8%
Current ratio	38.9×	0.15×	0.12×	0.13×	0.16×	0.17×	0.18×	0.2×
Debt / equity	1.03×	0.72×	0.78×	1×	1.19×	0.86×	0.66×	0.75×
Interest coverage	0.31×	0.36×	0.38×	0.42×	0.26×	0.15×	-0.02×	0.05×
Dividend yield	3.4%	3.3%	2.1%	1.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	21.8%	19.0%	15.2%	9.8%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.0%	14.1%	15.7%	14.2%	8.5%	1.9%	1.2%	2.0%
Return on invested capital	1.0%	5.9%	6.6%	5.3%	3.1%	0.8%	0.4%	0.8%
Return on assets	0.9%	1.1%	1.1%	1.0%	0.6%	0.1%	0.1%	0.1%
Free cash flow yield	186.6%	24.2%	-5.5%	-25.5%	5.4%	-10.6%	-8.3%	-8.9%
Earnings yield	15.5%	17.5%	13.6%	17.1%	13.6%	4.5%	4.3%	2.4%
Enterprise value	₹1.4T	₹915.4B	₹1.3T	₹904.3B	₹370.1B	-₹228.5B	-₹595.9B	-₹102.1B
Net debt / EBITDA	0.35×	-0.9×	-0.26×	0.14×	-1.77×	-7.27×	-161.49×	-22.15×
Cash conversion cycle (days)	7	155	126	121	95	84	125	153