Ceejay Finance Limited (CEEJAY.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

+330.7%

₹660.30

vs ₹153.30 price

Levered DCF

₹1,718.43

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	7.64×	8.34×	9.97×	5.06×	7.56×	5.95×	3.51×	7.15×
P/B	0.71×	0.75×	0.94×	0.55×	0.66×	0.51×	0.35×	0.79×
P/S	2.22×	2.16×	3.18×	1.76×	2.11×	1.66×	0.98×	2.34×
EV / EBITDA	9.45×	10.56×	10.63×	9.97×	9.07×	7.78×	5.6×	7.75×
Gross margin	82.1%	74.7%	72.2%	70.9%	74.1%	72.6%	73.4%	75.6%
Operating margin	42.7%	48.1%	43.5%	45.0%	50.9%	48.9%	46.1%	50.6%
Net margin	29.0%	25.9%	31.8%	34.7%	27.9%	28.0%	27.9%	32.7%
Current ratio	0.03×	53.01×	2.8×	3×	3.13×	3.56×	2.43×	2.47×
Debt / equity	0.52×	0.62×	0.48×	0.9×	0.85×	0.71×	0.62×	0.62×
Interest coverage	0×	625.2×	637.28×	0×	0×	0×	0×	0×
Dividend yield	0.7%	0.7%	0.6%	1.0%	0.9%	1.3%	3.7%	2.9%
Payout ratio	5.4%	6.1%	6.3%	5.0%	7.1%	7.9%	12.9%	21.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.3%	9.0%	9.5%	10.8%	8.8%	8.6%	10.1%	11.1%
Return on invested capital	6.7%	5.4%	6.4%	7.4%	8.0%	8.2%	7.8%	7.6%
Return on assets	5.9%	5.4%	6.2%	7.2%	6.0%	6.2%	6.1%	6.7%
Free cash flow yield	16.4%	10.6%	-8.3%	-13.3%	-13.6%	53.1%	-6.0%	10.7%
Earnings yield	13.1%	12.0%	10.0%	19.8%	13.2%	16.8%	28.5%	14.0%
Enterprise value	₹1B	₹1B	₹977M	₹901.4M	₹840.1M	₹619.3M	₹454M	₹590.8M
Net debt / EBITDA	3.96×	4.74×	3.5×	6.14×	5.01×	4.44×	3.51×	3.23×
Cash conversion cycle (days)	-191	-120	-72	-85	-73	-53	-89	1,702