CIE Automotive India Limited (CIEINDIA.NS) 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

+56.2%

₹548.25

vs ₹351.00 price

Levered DCF

₹588.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.62

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.45×	21.77×	16.72×	-82.92×	22.43×	61.21×	17.66×	17.74×
P/B	2.16×	2.72×	3.14×	2.21×	1.7×	1.33×	1.35×	2.06×
P/S	1.71×	1.99×	2.03×	1.29×	1.3×	1.08×	0.79×	1.1×
EV / EBITDA	11.1×	12.72×	13.43×	9.63×	9.68×	15.53×	7.85×	9.81×
Gross margin	33.5%	46.1%	45.2%	43.7%	48.7%	50.4%	50.1%	52.1%
Operating margin	10.7%	34.5%	34.2%	33.1%	34.9%	29.4%	33.6%	35.5%
Net margin	8.8%	9.2%	12.1%	-1.6%	5.8%	1.8%	4.5%	6.2%
Current ratio	1.5×	1.58×	1.01×	0.95×	0.92×	0.9×	0.84×	1.16×
Debt / equity	0.06×	0.09×	0.14×	0.19×	0.29×	0.39×	0.32×	0.38×
Interest coverage	37.88×	39.84×	29.58×	127.68×	67.94×	33.97×	50.77×	64.64×
Dividend yield	1.6%	1.1%	0.5%	0.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	31.9%	22.8%	8.4%	-69.6%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	12.6%	18.8%	-2.7%	7.6%	2.2%	7.6%	11.6%
Return on invested capital	9.1%	30.3%	31.9%	32.7%	18.7%	12.9%	22.3%	32.3%
Return on assets	7.7%	8.5%	11.5%	-1.4%	3.9%	1.1%	4.1%	5.8%
Free cash flow yield	5.4%	2.8%	4.2%	5.5%	6.0%	3.1%	9.7%	3.4%
Earnings yield	5.1%	4.6%	6.0%	-1.2%	4.5%	1.6%	5.7%	5.6%
Enterprise value	₹162.8B	₹181.3B	₹194.5B	₹121.9B	₹101.6B	₹81.9B	₹76B	₹103.4B
Net debt / EBITDA	0.12×	0.19×	0.45×	0.72×	1.28×	3.18×	1.4×	1.42×
Cash conversion cycle (days)	-9	0	-24	-28	-21	-6	-5	-9