Bhandari Hosiery Exports Limited (BHANDARI.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

-217.8%

-₹3.06

vs ₹2.60 price

Levered DCF

-₹9.15

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 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	8.83×	15.48×	17.63×	8.88×	15.73×	17.91×	1.88×	4.86×
P/B	0.37×	0.79×	1.16×	0.67×	1.2×	0.4×	0.14×	0.38×
P/S	0.24×	0.43×	0.43×	0.2×	0.35×	0.13×	0.04×	0.1×
EV / EBITDA	5.62×	7.84×	9.6×	6.8×	9.24×	7.78×	5.71×	6.02×
Gross margin	22.3%	21.5%	24.8%	25.0%	17.1%	13.7%	13.1%	11.8%
Operating margin	7.4%	7.6%	7.4%	6.5%	6.1%	17.8%	5.9%	5.8%
Net margin	2.8%	2.8%	2.4%	2.3%	2.2%	0.7%	1.9%	2.0%
Current ratio	2.29×	2.16×	1.65×	1.63×	1.68×	1.63×	1.5×	1.57×
Debt / equity	0.58×	0.67×	1.22×	1.2×	1.4×	1.52×	1.49×	1.34×
Interest coverage	1.95×	1.87×	1.76×	1.77×	1.67×	3.75×	1.61×	1.68×
Dividend yield	0.7%	0.4%	0.1%	0.2%	0.1%	0.4%	1.2%	0.4%
Payout ratio	6.2%	5.7%	2.0%	1.8%	1.9%	7.0%	2.2%	2.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.2%	5.0%	6.6%	7.5%	7.7%	2.2%	7.2%	7.8%
Return on invested capital	5.2%	6.2%	6.5%	7.8%	7.9%	16.3%	7.6%	8.1%
Return on assets	2.4%	2.8%	2.6%	3.0%	2.9%	0.8%	2.6%	3.0%
Free cash flow yield	-12.7%	-22.3%	-13.3%	15.6%	1.5%	-10.5%	-199.2%	-20.0%
Earnings yield	11.3%	6.4%	5.7%	11.2%	6.4%	5.6%	53.2%	20.3%
Enterprise value	₹1.6B	₹2.2B	₹2.4B	₹1.6B	₹2.1B	₹1.4B	₹1.2B	₹1.2B
Net debt / EBITDA	3.14×	3.58×	4.93×	4.33×	4.92×	6.14×	5.23×	4.66×
Cash conversion cycle (days)	249	238	231	212	202	224	168	148