BPL Limited (BPL.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

+11.9%

₹48.46

vs ₹43.31 price

Levered DCF

-₹117.03

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.4

Distress zone

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	-22.06×	3,839.38×	33.35×	50.77×	23.64×	-5.18×	14.35×	146.84×
P/B	0.78×	1.45×	1.78×	1.1×	1.84×	0.75×	0.32×	0.82×
P/S	2.41×	4.62×	6.67×	4.95×	8.02×	2.54×	0.57×	0.97×
EV / EBITDA	62.5×	80.39×	24×	17.83×	29.47×	44.38×	-4.34×	24.24×
Gross margin	21.2%	33.2%	50.7%	41.3%	30.2%	32.9%	11.0%	16.2%
Operating margin	2.9%	12.6%	37.3%	10.1%	-2.9%	3.6%	-17.3%	2.5%
Net margin	-10.9%	0.1%	20.0%	9.7%	33.9%	-49.1%	4.0%	0.7%
Current ratio	0.72×	0.27×	0.28×	0.21×	0.35×	0.68×	0.68×	0.8×
Debt / equity	0.44×	0.04×	0.12×	0.1×	0.08×	0.08×	0.07×	0.06×
Interest coverage	0.21×	4.58×	30.87×	3.41×	-0.63×	0.97×	-7.04×	1.9×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-0.0%	1.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-3.5%	0.0%	5.3%	2.2%	7.8%	-14.4%	2.2%	0.6%
Return on invested capital	0.5%	1.3%	4.7%	0.5%	-0.3%	1.0%	1.9%	0.5%
Return on assets	-1.2%	0.0%	2.2%	0.8%	2.4%	-6.0%	1.0%	0.3%
Free cash flow yield	-46.4%	4.2%	-0.4%	0.7%	-0.3%	1.4%	-8.4%	-8.2%
Earnings yield	-4.5%	0.0%	3.0%	2.0%	4.2%	-19.3%	6.9%	0.7%
Enterprise value	₹2.9B	₹3.7B	₹4.7B	₹2.8B	₹3.2B	₹1.2B	₹655.7M	₹1.4B
Net debt / EBITDA	22.28×	1.93×	1.21×	1.4×	1.23×	4.43×	-0.77×	1.38×
Cash conversion cycle (days)	26	-10	-38	-82	-39	-9	465	46