Bharat Rasayan Limited (BHARATRAS.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

+261.7%

₹3,429.29

vs ₹948.05 price

Levered DCF

₹1,569.80

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 3 / 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	13.8×	15.14×	18.75×	15.13×	14.4×	12.21×	6.95×	8.29×
P/B	1.58×	1.89×	1.81×	2.11×	3.29×	2.75×	1.94×	2.26×
P/S	1.62×	1.82×	1.71×	1.53×	1.96×	1.85×	0.9×	0.94×
EV / EBITDA	8.87×	10.76×	13.31×	9.21×	10.16×	8.3×	4.7×	6.2×
Gross margin	25.7%	33.8%	31.0%	32.0%	28.5%	30.5%	20.7%	20.4%
Operating margin	13.9%	12.6%	8.8%	13.9%	17.6%	19.9%	16.8%	17.4%
Net margin	11.7%	12.0%	9.1%	10.1%	13.6%	15.2%	13.0%	11.3%
Current ratio	7.78×	4.19×	4.6×	4.64×	2.62×	3.82×	3.38×	1.92×
Debt / equity	0×	0.08×	0.08×	0.03×	0.23×	0.08×	0.17×	0.6×
Interest coverage	37.64×	31.33×	30.91×	30.85×	34.78×	55.06×	12.61×	10.73×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%
Payout ratio	0.4%	0.4%	0.7%	0.5%	0.4%	0.4%	0.4%	0.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.4%	12.5%	9.7%	13.9%	22.9%	22.5%	27.9%	27.3%
Return on invested capital	10.0%	9.1%	6.6%	13.2%	18.0%	20.5%	23.5%	18.3%
Return on assets	10.2%	10.0%	8.0%	11.6%	16.2%	18.0%	21.0%	14.8%
Free cash flow yield	2.7%	6.2%	0.8%	10.1%	-4.8%	7.0%	18.6%	-10.8%
Earnings yield	7.2%	6.6%	5.3%	6.6%	6.9%	8.2%	14.4%	12.1%
Enterprise value	₹19.9B	₹21.6B	₹18.4B	₹19B	₹27.1B	₹20.3B	₹11.4B	₹11.7B
Net debt / EBITDA	-0.1×	0.15×	0.35×	0.05×	0.65×	0.13×	0.2×	1.28×
Cash conversion cycle (days)	206	200	236	204	213	152	121	181