BSL Limited (BSL.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

-2106.1%

-₹2,476.48

vs ₹123.45 price

Levered DCF

-₹2,578.03

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

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	44.5×	21.2×	16.68×	9.3×	10.07×	24.85×	11.48×	51.47×
P/B	0.88×	1.45×	1.66×	1.51×	1.29×	0.43×	0.26×	0.59×
P/S	0.16×	0.26×	0.28×	0.33×	0.27×	0.11×	0.05×	0.1×
EV / EBITDA	10.94×	9.97×	9.84×	9.92×	7.21×	6.38×	5.89×	6.25×
Gross margin	17.1%	35.9%	43.5%	43.1%	35.5%	35.5%	34.1%	31.0%
Operating margin	4.9%	21.6%	7.1%	9.0%	6.5%	5.2%	4.2%	3.4%
Net margin	0.4%	1.2%	1.7%	3.6%	2.6%	0.4%	0.4%	0.2%
Current ratio	1.06×	1.1×	1.11×	1.14×	1.22×	1.22×	1.07×	1.07×
Debt / equity	3.66×	3.53×	3.88×	3.32×	2.08×	2.06×	2.15×	2.24×
Interest coverage	1.07×	4.53×	1.44×	2.26×	2.01×	1×	0.87×	0.84×
Dividend yield	0.8%	0.6%	0.8%	0.8%	0.0%	0.0%	0.0%	2.8%
Payout ratio	34.7%	12.6%	13.7%	7.3%	0.0%	0.0%	0.0%	142.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.0%	6.8%	10.0%	16.2%	12.9%	1.7%	2.2%	1.1%
Return on invested capital	4.9%	19.8%	6.3%	7.0%	7.2%	6.8%	-12.6%	4.6%
Return on assets	0.4%	1.3%	1.8%	3.1%	3.3%	0.5%	0.5%	0.3%
Free cash flow yield	-16.6%	25.8%	-33.1%	-94.3%	-11.7%	43.5%	147.6%	35.6%
Earnings yield	2.2%	4.7%	6.0%	10.8%	9.9%	4.0%	8.7%	1.9%
Enterprise value	₹5.4B	₹5.9B	₹6.2B	₹5B	₹3B	₹2B	₹1.8B	₹2.2B
Net debt / EBITDA	8.81×	7.07×	6.89×	6.82×	4.44×	5.27×	5.26×	4.95×
Cash conversion cycle (days)	203	238	272	265	198	271	202	172