Banswara Syntex Limited (BANSWRAS.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

-67.3%

₹33.37

vs ₹102.00 price

Levered DCF

-₹87.10

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.14

Grey zone

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	FY2022	FY2021	FY2020	FY2019
P/E	10.55×	18.85×	14.46×	3.68×	7.96×	11.71×	2.34×	4.82×
P/B	0.56×	0.75×	0.96×	0.81×	0.91×	0.48×	0.37×	0.4×
P/S	0.24×	0.32×	0.41×	0.28×	0.31×	0.22×	0.1×	0.09×
EV / EBITDA	6.18×	8.48×	7.44×	3.65×	4.37×	4.08×	2.81×	4.44×
Gross margin	20.3%	47.3%	35.6%	57.5%	12.0%	9.8%	45.0%	38.2%
Operating margin	5.6%	24.4%	4.9%	9.3%	5.1%	2.7%	7.4%	4.9%
Net margin	2.3%	1.7%	2.9%	7.6%	3.9%	1.9%	4.2%	1.8%
Current ratio	1.39×	1.49×	1.6×	1.53×	1.49×	1.78×	1.23×	1.09×
Debt / equity	0.81×	0.81×	0.66×	0.73×	0.66×	0.64×	0.94×	1.61×
Interest coverage	1.77×	7.98×	2.07×	4.33×	2.43×	0.64×	1.92×	1.16×
Dividend yield	1.0%	0.8%	2.0%	1.0%	0.7%	0.0%	4.1%	1.8%
Payout ratio	11.0%	15.5%	28.6%	3.8%	5.6%	0.0%	9.7%	8.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.3%	4.0%	6.6%	22.1%	11.4%	4.1%	15.6%	8.3%
Return on invested capital	5.1%	21.5%	5.0%	12.1%	5.6%	2.9%	12.4%	8.1%
Return on assets	2.5%	1.9%	3.3%	10.6%	5.2%	1.9%	6.3%	2.5%
Free cash flow yield	-6.4%	-16.1%	8.7%	-20.1%	-1.5%	72.2%	160.8%	107.0%
Earnings yield	9.5%	5.3%	6.9%	27.2%	12.6%	8.5%	42.7%	20.8%
Enterprise value	₹7.9B	₹8.6B	₹8.6B	₹7.7B	₹6.1B	₹3.9B	₹4.4B	₹5.8B
Net debt / EBITDA	3.62×	4.35×	3×	1.69×	1.75×	2.3×	2.01×	3.55×
Cash conversion cycle (days)	153	190	158	191	159	154	126	133