BLS E-Services Limited (BLSE.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

+601.9%

₹1,036.46

vs ₹147.67 price

Levered DCF

₹2,213.24

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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
P/E	25.29×	25.89×	72.25×	121.19×	620.34×	1,045.71×	-1,307.14×
P/B	2.78×	2.82×	5.26×	31.1×	220.71×	343.56×	0×
P/S	1.3×	2.62×	7.53×	13.68×	34.39×	51.57×	2,086.43×
EV / EBITDA	10.19×	14.82×	44.91×	98.2×	385.25×	605.84×	0×
Gross margin	11.7%	14.4%	20.8%	22.7%	28.0%	28.9%	100.0%
Operating margin	10.0%	10.4%	13.0%	12.6%	6.4%	7.4%	100.0%
Net margin	5.1%	10.1%	10.4%	7.8%	5.6%	4.9%	-161.1%
Current ratio	2.85×	2.06×	4.69×	1.1×	0.96×	0.67×	0×
Debt / equity	0.01×	0.01×	0.02×	0.05×	1.01×	1.14×	0×
Interest coverage	166.15×	72.22×	45.73×	7.69×	7.28×	3.19×	0×
Dividend yield	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	23.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	11.0%	10.9%	7.3%	17.7%	35.7%	32.5%	0.0%
Return on invested capital	14.3%	7.6%	6.4%	19.8%	16.1%	18.4%	0.0%
Return on assets	7.5%	7.8%	6.2%	10.5%	9.6%	7.8%	0.0%
Free cash flow yield	3.2%	5.7%	0.7%	0.8%	0.4%	0.3%	0.0%
Earnings yield	4.0%	3.9%	1.4%	0.6%	0.2%	0.1%	-0.1%
Enterprise value	₹12B	₹12.8B	₹22.5B	₹33.1B	₹33.3B	₹33.3B	₹0
Net debt / EBITDA	-2.17×	-0.98×	-0.46×	-0.31×	1.06×	0.64×	0×
Cash conversion cycle (days)	9	24	34	25	-9	43	0