Bhatia Communications & Retail (India) Limited (BHATIA.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

-179.0%

-₹29.77

vs ₹37.70 price

Levered DCF

₹3.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

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	15.66×	22.51×	23.68×	25.25×	55.6×	22.67×	15.35×	21.37×
P/B	1.98×	3.5×	4.13×	3.94×	6.32×	2.07×	2.14×	3.22×
P/S	0.44×	0.7×	0.66×	0.63×	1.25×	0.49×	0.49×	0.65×
EV / EBITDA	10.74×	14.25×	15.09×	15.06×	32.01×	12.34×	8.97×	12.94×
Gross margin	8.2%	8.7%	7.7%	6.8%	-0.0%	-0.8%	-0.9%	-0.2%
Operating margin	3.7%	4.1%	3.8%	3.3%	-4.2%	-5.8%	-5.9%	-4.8%
Net margin	2.8%	3.1%	2.8%	2.5%	2.3%	2.2%	3.2%	3.0%
Current ratio	6.67×	4.15×	2.25×	2.16×	1.93×	1.95×	1.67×	2.49×
Debt / equity	0.08×	0.09×	0.32×	0.35×	0.33×	0.27×	0.28×	0.16×
Interest coverage	7.68×	10.32×	9.66×	5×	-7.42×	-7.46×	-6.65×	-14.92×
Dividend yield	0.2%	0.2%	0.0%	0.1%	0.1%	1.6%	0.0%	0.0%
Payout ratio	3.0%	3.6%	0.0%	1.9%	3.1%	35.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.6%	15.6%	17.4%	15.6%	11.4%	9.1%	14.0%	15.1%
Return on invested capital	8.8%	11.6%	11.3%	10.4%	-10.7%	-12.0%	-14.2%	-14.0%
Return on assets	8.4%	10.6%	9.5%	8.9%	6.4%	5.4%	8.3%	9.6%
Free cash flow yield	-9.4%	0.2%	5.8%	3.0%	-0.9%	1.1%	9.0%	3.5%
Earnings yield	6.4%	4.5%	4.2%	3.9%	1.8%	4.4%	6.5%	4.7%
Enterprise value	₹2.6B	₹3.1B	₹2.8B	₹2.2B	₹3.1B	₹944M	₹889.4M	₹1.1B
Net debt / EBITDA	0.06×	0.07×	0.31×	0.54×	1.4×	1.22×	0.64×	0.39×
Cash conversion cycle (days)	59	51	53	52	55	52	45	27