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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
-648.0%
-₹5,146.99
vs ₹939.25 price
Levered DCF
₹12,671.20
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
5.89
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E35.72×24.13×31.28×26.59×26.28×17.08×14.23×24.61×
P/B5.91×3.81×4.67×5.09×4.29×2.86×2.54×4.54×
P/S3.11×2.42×2.95×3.65×3.67×2.5×2.07×3.52×
EV / EBITDA20.19×16.49×20.66×20.97×17.98×11.83×9.7×16.88×
Gross margin27.1%36.5%35.6%40.6%44.2%45.4%65.1%59.7%
Operating margin13.0%14.1%12.5%15.6%18.2%19.6%20.3%20.2%
Net margin8.7%10.0%9.4%13.7%14.0%14.7%14.6%14.3%
Current ratio1.49×1.28×1.36×1.49×1.57×1.69×2.3×1.64×
Debt / equity0.56×0.92×0.97×0.62×0.52×0.51×0.51×0.5×
Interest coverage4.51×3.87×4.25×9.38×16.3×14.35×12.88×25.79×
Dividend yield0.7%0.4%0.9%0.9%1.2%0.9%3.8%1.5%
Payout ratio26.7%8.6%26.6%23.4%32.5%14.6%54.1%36.5%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity16.6%15.8%14.9%19.2%16.3%16.8%17.9%18.5%
Return on invested capital13.0%10.0%8.9%12.1%10.5%11.1%11.7%12.5%
Return on assets9.0%7.3%7.1%10.9%9.9%10.2%11.0%10.9%
Free cash flow yield5.7%-1.7%-5.9%-1.8%-1.7%0.5%0.6%-2.1%
Earnings yield2.8%4.1%3.2%3.8%3.8%5.9%7.0%4.1%
Enterprise value₹149.7B₹92.2B₹92.7B₹83.9B₹59.7B₹35.5B₹27.9B₹41.6B
Net debt / EBITDA1.49×3.07×3.24×2.09×1.81×1.46×1.51×1.4×
Cash conversion cycle (days)155245247230294250315203