Beryl Securities Limited (BERYLSE.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

-2081.2%

-₹515.11

vs ₹26.00 price

Levered DCF

-₹897.48

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.84

Grey zone

Rating

D+

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	43.92×	67.21×	95×	35.67×	14.07×	12.36×	11.5×	8.68×
P/B	1.36×	1.73×	1.66×	0.49×	0.51×	0.4×	0.46×	0.41×
P/S	3.29×	9.67×	19.42×	6.05×	6.08×	4.86×	5.34×	4.81×
EV / EBITDA	38.19×	64.83×	59.91×	21.47×	10.37×	7.77×	7.92×	6.57×
Gross margin	33.1%	40.1%	90.8%	83.3%	90.2%	93.8%	94.3%	94.4%
Operating margin	10.5%	13.7%	51.5%	25.8%	53.1%	56.3%	59.7%	82.0%
Net margin	7.5%	14.4%	20.7%	17.0%	43.3%	39.0%	46.2%	55.7%
Current ratio	39.7×	50.48×	34.08×	58.82×	40.65×	40.24×	30.94×	45.78×
Debt / equity	0.73×	0.23×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	2,140×	332.5×	1,410.33×	1,414×	1,359.73×	9,145.18×
Dividend yield	0.0%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	150.4%	0.0%	0.0%	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	3.1%	2.6%	1.8%	1.4%	3.7%	3.2%	4.0%	4.7%
Return on invested capital	1.9%	1.3%	1.5%	1.4%	3.7%	3.8%	3.9%	5.8%
Return on assets	1.7%	2.0%	1.7%	1.3%	3.6%	3.1%	3.8%	4.5%
Free cash flow yield	-36.3%	-9.9%	1.8%	-2.2%	-2.5%	4.2%	3.0%	-23.7%
Earnings yield	2.3%	1.5%	1.1%	2.8%	7.1%	8.0%	8.7%	11.6%
Enterprise value	₹208.4M	₹193.6M	₹158.3M	₹44M	₹44.7M	₹31.6M	₹37.1M	₹32.2M
Net debt / EBITDA	12.63×	7.15×	-1.13×	-1.32×	-0.87×	-1.22×	-0.65×	-0.38×
Cash conversion cycle (days)	0	2,251	3,438	3,889	3,024	3,593	-204	3,835