BEML Limited (BEML.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

-128.2%

-₹579.00

vs ₹2,051.90 price

Levered DCF

₹470.43

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

4.08

Safe 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	87.02×	22.56×	23.91×	16.58×	23.52×	30.35×	11.78×	26.6×
P/B	4.19×	2.29×	2.53×	1.08×	1.29×	0.94×	0.33×	0.77×
P/S	2.83×	1.63×	1.7×	0.67×	0.7×	0.58×	0.25×	0.49×
EV / EBITDA	38.38×	12.89×	13.97×	7.71×	11.61×	14.35×	7.7×	7.91×
Gross margin	47.6%	50.2%	47.0%	45.2%	38.9%	41.7%	47.1%	42.9%
Operating margin	5.0%	29.8%	9.8%	7.8%	6.1%	3.7%	1.0%	5.2%
Net margin	3.2%	7.2%	7.1%	4.0%	3.0%	1.9%	2.1%	1.8%
Current ratio	2.01×	2.65×	2.46×	2.38×	2.39×	2.32×	2.88×	2.07×
Debt / equity	0.11×	0.08×	0.03×	0.16×	0.35×	0.34×	0.15×	0.18×
Interest coverage	4.75×	22.19×	9.37×	5.66×	4.6×	2.74×	0.67×	2.69×
Dividend yield	0.7%	1.3%	0.6%	1.2%	1.2%	1.7%	3.3%	3.7%
Payout ratio	63.0%	29.1%	14.8%	20.4%	27.3%	50.7%	39.3%	99.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.8%	10.1%	10.6%	6.5%	5.5%	3.1%	2.8%	2.9%
Return on invested capital	3.4%	20.7%	7.9%	4.8%	3.8%	2.4%	0.8%	2.8%
Return on assets	2.0%	5.0%	5.2%	3.2%	2.3%	1.2%	1.3%	1.3%
Free cash flow yield	-2.1%	0.0%	5.3%	19.9%	0.4%	-16.9%	6.5%	11.4%
Earnings yield	1.1%	4.4%	4.2%	6.0%	4.3%	3.3%	8.5%	3.8%
Enterprise value	₹126B	₹68.2B	₹68B	₹29.9B	₹38.4B	₹28.4B	₹10.7B	₹20.6B
Net debt / EBITDA	0.92×	0.42×	0.13×	0.96×	2.45×	3.78×	2.27×	1.46×
Cash conversion cycle (days)	462	502	456	413	437	483	534	404