Bright Brothers Limited (BRIGHTBR.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

-120.0%

-₹40.53

vs ₹203.15 price

Levered DCF

-₹692.70

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.14

Grey zone

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	18.26×	19.71×	-19.4×	-21.37×	2.65×	8.96×	9.05×	19.46×
P/B	1.33×	2.19×	1.37×	1.11×	1.07×	1.03×	0.71×	0.89×
P/S	0.29×	0.5×	0.38×	0.39×	0.37×	0.25×	0.14×	0.17×
EV / EBITDA	5.89×	8.75×	15.24×	36.2×	1.93×	3.58×	2.7×	3.62×
Gross margin	22.1%	34.4%	18.0%	28.1%	27.9%	31.1%	9.0%	7.8%
Operating margin	3.5%	25.4%	0.1%	-2.2%	3.0%	5.9%	4.5%	3.4%
Net margin	1.6%	2.5%	-1.9%	-1.8%	13.9%	2.8%	1.6%	0.9%
Current ratio	1.12×	1.13×	1.1×	1.23×	1.4×	1.08×	1.05×	1.01×
Debt / equity	0.87×	1.23×	1.23×	0.27×	0.17×	0.43×	0.34×	0.32×
Interest coverage	1.38×	9.6×	0.05×	-1.18×	1.48×	2.76×	1.82×	1.27×
Dividend yield	1.3%	0.3%	0.6%	3.5%	1.7%	0.0%	8.8%	3.5%
Payout ratio	24.0%	6.7%	-11.9%	-75.1%	4.4%	0.0%	79.2%	68.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.3%	11.1%	-7.0%	-5.2%	40.3%	11.5%	7.9%	4.6%
Return on invested capital	7.3%	38.6%	0.2%	-2.6%	6.0%	11.1%	12.2%	12.8%
Return on assets	2.3%	3.7%	-2.4%	-2.2%	18.0%	3.3%	2.9%	2.3%
Free cash flow yield	-8.5%	0.1%	-8.9%	-23.5%	1.5%	-2.7%	35.3%	0.9%
Earnings yield	5.5%	5.1%	-5.2%	-4.7%	37.8%	11.2%	11.1%	5.1%
Enterprise value	₹1.7B	₹2.5B	₹1.6B	₹978.7M	₹953.8M	₹662.6M	₹429.4M	₹509.2M
Net debt / EBITDA	2.14×	2.91×	6.7×	6.29×	0.22×	0.82×	0.73×	0.84×
Cash conversion cycle (days)	73	55	64	44	83	104	67	11