Bilcare Limited (BI.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

+36.6%

₹110.90

vs ₹81.20 price

Levered DCF

-₹80.97

After debt service

Piotroski score

3 / 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	72.27×	-7.33×	-4.31×	6.8×	-13.06×	-6.44×	-0.34×	-0.14×
P/B	0.63×	0.45×	0.29×	0.19×	2.19×	1.57×	0.33×	-0.93×
P/S	0.17×	0.27×	0.19×	0.1×	0.19×	0.22×	0.02×	0.02×
EV / EBITDA	10.48×	15.4×	16.03×	2.44×	8.08×	8.13×	2.38×	12.11×
Gross margin	19.6%	32.3%	10.1%	7.4%	10.1%	9.6%	4.3%	33.5%
Operating margin	3.4%	-0.2%	-0.8%	16.6%	2.5%	1.1%	-8.7%	-7.0%
Net margin	0.2%	-3.7%	-4.5%	1.5%	-1.5%	-3.4%	-5.7%	-15.2%
Current ratio	1.21×	1.01×	1.17×	1.01×	1.04×	1.08×	1.17×	0.43×
Debt / equity	3.15×	1.45×	1.52×	1.2×	9.18×	7.85×	6.53×	-32.5×
Interest coverage	0.34×	-0.02×	-0.07×	2.72×	0.31×	0.09×	-0.91×	-0.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.9%	-6.1%	-6.7%	2.8%	-16.8%	-24.4%	-95.6%	651.7%
Return on invested capital	2.8%	-0.1%	-0.3%	3.0%	2.4%	0.3%	-14.6%	-8.0%
Return on assets	0.2%	-2.0%	-2.1%	0.9%	-1.1%	-2.0%	-9.3%	-14.4%
Free cash flow yield	40.7%	29.6%	-39.9%	-6.8%	22.2%	48.5%	725.3%	139.7%
Earnings yield	1.4%	-13.7%	-23.2%	14.7%	-7.7%	-15.5%	-293.1%	-704.1%
Enterprise value	₹7.4B	₹8.8B	₹8.8B	₹7.2B	₹8.4B	₹7.8B	₹7B	₹22.6B
Net debt / EBITDA	8.72×	11.7×	13.43×	2.09×	6.5×	6.71×	2.26×	11.77×
Cash conversion cycle (days)	90	78	87	-28	80	88	18	47