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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
+56.5%
₹3,687.62
vs ₹2,356.40 price
Levered DCF
₹2,624.02
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
27.58
Safe zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E17.84×28.02×22.79×12.01×17.12×12.72×10.01×17.39×
P/B3.19×5.3×4.52×2.42×3.49×2.6×2.27×4.85×
P/S5.23×7.78×6.17×3.11×4.08×2.9×2.49×4.73×
EV / EBITDA12.35×22.22×17.89×9.9×11.92×7.99×7.59×12.6×
Gross margin48.0%58.7%55.4%53.7%55.0%54.8%51.3%54.2%
Operating margin31.5%45.5%42.6%40.1%41.2%40.0%37.3%42.5%
Net margin29.3%27.7%26.9%25.6%23.6%22.8%24.9%27.2%
Current ratio6.7×6.97×5.71×5.8×6.25×7.1×5.7×5.73×
Debt / equity0×0×0×0×0×0.02×0.04×0×
Interest coverage790.9×1,448.15×926.32×754.88×748.36×267.62×1,009.19×474.96×
Dividend yield0.4%0.3%0.3%0.7%0.4%0.1%1.5%0.5%
Payout ratio7.1%7.1%7.5%8.1%7.6%1.2%15.1%8.6%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity17.9%18.8%19.7%20.0%20.2%20.4%22.7%27.9%
Return on invested capital15.2%24.3%24.9%25.5%27.4%28.0%25.3%32.7%
Return on assets15.9%16.7%16.9%17.2%17.3%17.8%19.1%23.8%
Free cash flow yield2.9%1.6%1.6%1.7%4.7%6.3%-1.5%0.6%
Earnings yield5.6%3.6%4.4%8.3%5.8%7.9%10.0%5.8%
Enterprise value₹108.2B₹145.1B₹99.2B₹43.9B₹47.2B₹26.4B₹19.8B₹29.2B
Net debt / EBITDA-0.7×-0.9×-0.99×-0.39×-1.15×-1.33×-0.66×-0.65×
Cash conversion cycle (days)18017321520818820225467