Bhagyanagar India Limited (BHAGYANGR.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

-90.3%

₹8.24

vs ₹85.29 price

Levered DCF

-₹240.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.6

Safe 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	8.78×	16.9×	6.86×	14.83×	12.8×	39.86×	44.69×	16.34×
P/B	1.71×	1.14×	1.62×	1.02×	1.03×	1.1×	0.37×	0.85×
P/S	0.19×	0.15×	0.22×	0.08×	0.09×	0.18×	0.08×	0.18×
EV / EBITDA	6.3×	11.81×	5.43×	10.7×	10.34×	15.4×	7.37×	11.23×
Gross margin	7.7%	7.3%	5.2%	2.3%	3.9%	5.5%	7.2%	7.2%
Operating margin	4.2%	1.8%	1.7%	1.5%	1.6%	1.7%	1.8%	2.9%
Net margin	2.1%	0.9%	3.2%	0.5%	0.7%	0.4%	0.2%	1.1%
Current ratio	1.67×	2×	3.18×	1.57×	1.64×	1.55×	2.02×	1.47×
Debt / equity	1.01×	1.33×	0.52×	1.49×	1.3×	1.22×	0.54×	0.93×
Interest coverage	2.75×	1.77×	1.79×	1.85×	2.08×	1.61×	1.03×	2.16×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.5%	6.8%	23.6%	6.9%	8.1%	2.8%	0.8%	5.2%
Return on invested capital	14.1%	4.5%	6.4%	5.3%	6.4%	3.2%	4.7%	5.2%
Return on assets	7.9%	2.7%	13.7%	2.4%	3.2%	1.2%	0.5%	2.6%
Free cash flow yield	2.0%	-65.3%	25.3%	-32.4%	-4.1%	-58.0%	74.3%	-63.8%
Earnings yield	11.4%	5.9%	14.6%	6.7%	7.8%	2.5%	2.3%	6.1%
Enterprise value	₹7B	₹5B	₹4.1B	₹3.7B	₹3.1B	₹2.9B	₹1.1B	₹2.2B
Net debt / EBITDA	2.33×	6.26×	1.29×	6.36×	5.64×	8.1×	4.32×	5.86×
Cash conversion cycle (days)	64	67	42	45	42	75	63	89