CG-VAK Software and Exports Limited (CGVAK.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

-10.1%

₹123.19

vs ₹137.00 price

Levered DCF

₹347.64

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B+

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	8.62×	13.79×	21.76×	14.57×	15.83×	7.25×	3.57×	6.01×
P/B	0.99×	1.79×	3.21×	3.25×	3.49×	1.59×	0.54×	1.01×
P/S	1.1×	1.66×	2.56×	2.26×	2.65×	1.14×	0.35×	0.59×
EV / EBITDA	5.16×	8.5×	13.14×	9.47×	10.27×	4.16×	1.85×	2.7×
Gross margin	32.5%	26.5%	25.4%	35.5%	33.0%	32.8%	29.0%	30.5%
Operating margin	19.1%	15.1%	14.2%	21.4%	32.5%	20.1%	13.2%	13.8%
Net margin	12.8%	12.0%	11.7%	15.5%	16.7%	15.7%	9.8%	9.8%
Current ratio	4.67×	4.86×	6.45×	5.59×	4.05×	8.25×	5.71×	5.45×
Debt / equity	0.03×	0.04×	0.06×	0.07×	0.17×	0.08×	0.13×	0.05×
Interest coverage	22.98×	19.24×	19.59×	26.39×	34.66×	21.28×	9.9×	32.87×
Dividend yield	0.6%	0.4%	0.3%	0.3%	0.4%	0.8%	3.3%	1.4%
Payout ratio	5.3%	5.4%	5.5%	4.2%	5.6%	5.4%	11.9%	8.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.5%	13.0%	14.8%	22.3%	22.1%	22.0%	15.1%	16.9%
Return on invested capital	11.9%	11.5%	12.5%	21.2%	27.3%	19.5%	13.0%	16.1%
Return on assets	10.2%	11.5%	12.9%	19.1%	17.3%	18.4%	11.9%	14.3%
Free cash flow yield	18.0%	3.0%	4.6%	6.0%	-6.4%	13.5%	25.0%	-0.3%
Earnings yield	11.6%	7.3%	4.6%	6.9%	6.3%	13.8%	28.0%	16.7%
Enterprise value	₹774.3M	₹1.2B	₹1.9B	₹1.7B	₹1.4B	₹440.7M	₹120.7M	₹144.5M
Net debt / EBITDA	-0.29×	-0.23×	-0.56×	-0.04×	-0.12×	-0.6×	-0.25×	-1.3×
Cash conversion cycle (days)	46	42	-23	65	-42	64	72	56