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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
+114.2%
₹2,300.30
vs ₹1,074.10 price
Levered DCF
₹1,220.61
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
—
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E10.22×10.51×11.13×10.9×9.05×9.73×15.49×14.85×
P/B0.75×0.93×1.23×1.04×1.3×1.08×1.2×1.22×
P/S0.97×1.38×1.67×1.06×1.28×1.89×1.67×1.95×
EV / EBITDA6.83×7.34×8.49×7.84×6.73×7.58×11.13×9.62×
Gross margin25.8%29.8%44.4%42.0%41.6%38.1%39.1%47.9%
Operating margin12.3%10.6%8.5%11.2%13.6%11.4%11.8%14.0%
Net margin9.4%13.1%15.0%9.7%14.1%19.4%10.8%13.1%
Current ratio5.14×5.7×4.89×6.05×6.31×9.2×7.94×9.11×
Debt / equity0.01×0.01×0.01×0.01×0.02×0.01×0.01×0×
Interest coverage134.86×138.77×106.62×183.45×178.88×101.38×143.05×74.06×
Dividend yield0.6%0.5%2.1%6.1%15.3%0.0%4.3%0.1%
Payout ratio5.7%5.2%23.4%66.3%138.2%0.0%65.8%0.9%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity7.3%8.9%11.1%9.5%14.3%11.1%7.7%8.2%
Return on invested capital6.8%5.2%4.9%8.0%10.3%5.1%6.2%5.9%
Return on assets6.7%8.1%10.2%8.8%13.1%10.2%7.1%7.5%
Free cash flow yield6.3%2.0%3.5%5.2%6.3%3.7%3.5%0.7%
Earnings yield9.8%9.5%9.0%9.2%11.1%10.3%6.5%6.7%
Enterprise value₹5.3B₹6B₹7.8B₹6B₹7.2B₹7.4B₹7.4B₹7.4B
Net debt / EBITDA0.05×-0.06×0.08×0.04×-0.01×0.06×-0.08×-0.11×
Cash conversion cycle (days)134160164127128157136170