CIL Securities Limited (CILSEC.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

+136.5%

₹93.41

vs ₹39.49 price

Levered DCF

-₹4.19

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 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	11.17×	10.83×	8.54×	6.99×	8×	24.01×	1,212.71×	84.33×
P/B	0.56×	0.71×	0.84×	0.69×	0.76×	0.84×	1.45×	0.86×
P/S	2.23×	2.31×	2.34×	1.87×	2.19×	3.19×	4.39×	4.26×
EV / EBITDA	3.87×	4.63×	4.16×	1.88×	-3.02×	-1.78×	28.69×	-8.5×
Gross margin	72.2%	75.6%	98.6%	99.8%	100.0%	63.0%	100.0%	52.8%
Operating margin	26.8%	72.9%	79.0%	48.9%	56.0%	73.2%	61.4%	27.9%
Net margin	20.0%	21.3%	27.4%	26.7%	27.3%	13.3%	0.4%	5.1%
Current ratio	3.22×	2.35×	1.93×	2.73×	1.68×	2.12×	109.86×	1.81×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	71.14×	47.13×	56.37×	273.47×	6,628.29×	28.72×	47,142.45×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%	1.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1669.6%	115.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.0%	6.6%	9.8%	9.8%	9.5%	3.5%	0.1%	1.0%
Return on invested capital	5.0%	16.5%	7.9%	14.4%	14.9%	14.2%	2.3%	4.5%
Return on assets	3.5%	3.8%	4.9%	6.6%	4.5%	1.9%	0.0%	0.5%
Free cash flow yield	9.0%	-0.9%	-18.4%	-91.7%	43.1%	28.4%	-41.5%	70.8%
Earnings yield	9.0%	9.2%	11.7%	14.3%	12.5%	4.2%	0.1%	1.2%
Enterprise value	₹97.1M	₹150.6M	₹170.2M	₹61.6M	-₹90M	-₹19.6M	₹40.2M	-₹32.9M
Net debt / EBITDA	-3.55×	-2.23×	-1.86×	-3.64×	-9.1×	-18.29×	-100.69×	-55.4×
Cash conversion cycle (days)	-1,761	-2,743	-3,186	-765	-3,444	-2,640	-1,327	-3,767