Brigade Enterprises Limited (BRIGADE.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

-963.7%

-₹4,543.12

vs ₹526.00 price

Levered DCF

₹1,708.90

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.97

Distress zone

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	FY2019
P/E	18.52×	25.06×	36.68×	28.17×	105.91×	-93.03×	15.4×	10.85×
P/B	1.75×	3.05×	4.55×	2.54×	3.01×	1.84×	0.88×	1.2×
P/S	2.09×	3.39×	3.39×	2.39×	2.92×	2.21×	0.76×	0.87×
EV / EBITDA	10.85×	13.66×	17.95×	14.47×	17.28×	19.18×	9.77×	8.01×
Gross margin	49.5%	51.7%	42.3%	46.3%	45.4%	44.1%	47.8%	45.0%
Operating margin	38.2%	41.6%	34.2%	36.7%	36.8%	34.7%	36.9%	36.2%
Net margin	11.3%	13.5%	9.2%	8.5%	2.8%	-2.4%	5.0%	8.1%
Current ratio	1.24×	1.21×	1.16×	1.11×	1.12×	1.04×	1.11×	1.16×
Debt / equity	0.93×	0.97×	1.5×	1.43×	1.69×	2.13×	2.07×	1.81×
Interest coverage	7.3×	4.26×	3.41×	2.91×	2.59×	2.02×	2.86×	3.93×
Dividend yield	0.5%	0.3%	0.3%	0.4%	0.3%	0.0%	2.9%	1.3%
Payout ratio	9.5%	6.7%	10.2%	11.9%	33.3%	0.0%	44.0%	13.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.4%	12.2%	12.4%	9.0%	2.8%	-2.0%	5.7%	11.1%
Return on invested capital	12.3%	14.2%	12.7%	12.6%	13.7%	6.8%	9.4%	18.2%
Return on assets	2.5%	3.1%	2.5%	1.8%	0.5%	-0.3%	1.1%	2.2%
Free cash flow yield	-18.2%	2.1%	0.4%	7.8%	9.4%	7.1%	-13.8%	-6.2%
Earnings yield	5.4%	4.0%	2.7%	3.5%	0.9%	-1.1%	6.5%	9.2%
Enterprise value	₹155.9B	₹193.9B	₹215B	₹124.7B	₹132.9B	₹90.7B	₹64.8B	₹63.3B
Net debt / EBITDA	2.55×	1.55×	4.09×	4.92×	5.89×	10.06×	6.74×	4.73×
Cash conversion cycle (days)	1,374	1,250	940	1,349	1,306	1,889	1,312	991