Bharat Bijlee Limited (BBL.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

+55.9%

₹3,869.18

vs ₹2,481.60 price

Levered DCF

-₹4,479.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.28

Grey zone

Rating

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	19.47×	23.94×	27.3×	17.2×	17.71×	24.25×	7.06×	15.3×
P/B	1.15×	1.65×	1.92×	1.04×	0.88×	0.65×	0.43×	0.84×
P/S	1.03×	1.68×	1.92×	1.01×	0.78×	0.86×	0.35×	0.69×
EV / EBITDA	15.29×	15.5×	17.5×	11.51×	11.42×	13.24×	5.8×	9.71×
Gross margin	13.0%	27.1%	26.1%	14.0%	12.1%	28.9%	13.6%	12.6%
Operating margin	6.0%	7.8%	8.6%	7.6%	6.1%	4.2%	6.5%	5.4%
Net margin	5.3%	7.0%	7.0%	5.9%	4.4%	3.6%	5.0%	4.5%
Current ratio	1.46×	2.19×	1.66×	1.72×	1.38×	1.68×	1.59×	1.71×
Debt / equity	0.15×	0.04×	0.08×	0.21×	0.26×	0.25×	0.33×	0.27×
Interest coverage	7.94×	11.86×	6.93×	4.45×	3.17×	1.59×	2.64×	2.66×
Dividend yield	1.7%	1.2%	0.6%	1.2%	0.3%	0.0%	5.3%	0.3%
Payout ratio	32.8%	29.4%	17.1%	20.3%	5.1%	0.0%	37.4%	4.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.9%	6.9%	7.0%	6.0%	4.9%	2.7%	6.0%	5.5%
Return on invested capital	4.1%	5.1%	5.7%	4.7%	4.0%	1.7%	3.9%	3.5%
Return on assets	3.9%	5.1%	5.2%	4.1%	3.3%	1.8%	3.7%	3.6%
Free cash flow yield	-7.7%	4.4%	5.8%	2.5%	-2.6%	3.4%	-4.7%	6.2%
Earnings yield	5.1%	4.2%	3.7%	5.8%	5.6%	4.1%	14.2%	6.5%
Enterprise value	₹24.1B	₹32.7B	₹37.2B	₹17.1B	₹12.7B	₹8.7B	₹5.7B	₹8.3B
Net debt / EBITDA	0.48×	0.32×	0.64×	1.88×	2.54×	3.6×	2.5×	2.29×
Cash conversion cycle (days)	115	84	89	146	131	175	130	99