BCPL Railway Infrastructure Ltd. (BCPL.BO) 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

-1415.9%

-₹836.26

vs ₹63.55 price

Levered DCF

-₹918.91

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18×	16.45×	30.44×	7.79×	8.49×	13.68×	8.77×	8.31×
P/B	1.19×	1.16×	1.86×	0.74×	0.82×	1.54×	1.07×	1.02×
P/S	0.55×	0.67×	1.88×	0.51×	0.6×	1.31×	0.53×	0.71×
EV / EBITDA	9.67×	12.54×	22.25×	5.19×	5.21×	9.05×	5.88×	4.35×
Gross margin	10.9%	12.6%	21.5%	14.7%	12.4%	21.4%	12.5%	16.3%
Operating margin	6.2%	5.3%	8.8%	8.5%	9.4%	13.5%	9.9%	11.6%
Net margin	3.1%	4.1%	6.2%	6.6%	7.0%	9.6%	6.0%	8.5%
Current ratio	1.71×	1.72×	2.4×	2.86×	2.61×	5.26×	2.99×	8.67×
Debt / equity	0.76×	0.81×	0.45×	0.03×	0.03×	0.07×	0.16×	0.01×
Interest coverage	1.84×	1.65×	2.75×	8.17×	11.07×	5.68×	9.94×	6.87×
Dividend yield	1.5%	1.1%	0.7%	1.8%	1.9%	0.3%	3.0%	0.0%
Payout ratio	26.4%	17.6%	21.1%	14.4%	15.9%	4.2%	26.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	7.1%	6.1%	9.5%	9.6%	11.3%	12.1%	12.3%
Return on invested capital	5.4%	4.0%	4.2%	8.0%	8.6%	10.9%	12.4%	11.5%
Return on assets	3.3%	3.2%	3.5%	7.0%	7.2%	9.8%	9.7%	11.0%
Free cash flow yield	-9.4%	-45.6%	-17.9%	-14.7%	0.2%	13.4%	-10.4%	-2.9%
Earnings yield	5.6%	6.1%	3.3%	12.8%	11.8%	7.3%	11.4%	12.0%
Enterprise value	₹1.8B	₹1.6B	₹2B	₹647.8M	₹577.7M	₹1B	₹766.6M	₹503.5M
Net debt / EBITDA	3.38×	4.25×	3.66×	0.17×	-0.46×	-0.37×	0.75×	-0.71×
Cash conversion cycle (days)	134	120	210	146	168	113	87	130