Citadel Realty and Developers Limited (CITADEL.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

-243.6%

-₹45.96

vs ₹32.00 price

Levered DCF

-₹43.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.82

Grey zone

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	18.07×	33.61×	20.06×	16.42×	28.82×	20.43×	14.1×	32.21×
P/B	1.36×	2.4×	1.88×	1.53×	1.25×	0.74×	0.84×	1.62×
P/S	6.93×	11.05×	7.24×	5.97×	4.97×	3.16×	3.8×	6.61×
EV / EBITDA	11.52×	17.2×	13.37×	11.91×	13.59×	11.81×	13.42×	15.2×
Gross margin	96.1%	100.0%	100.0%	99.6%	100.0%	100.0%	100.0%	98.1%
Operating margin	92.5%	89.1%	91.7%	90.2%	91.4%	89.5%	82.1%	82.5%
Net margin	38.4%	32.9%	36.2%	36.2%	17.2%	15.6%	26.9%	20.6%
Current ratio	2.41×	2.32×	2×	2.1×	1.39×	1.41×	1.43×	1.47×
Debt / equity	0.74×	0.93×	1.31×	1.23×	1.88×	1.74×	1.62×	1.46×
Interest coverage	2.38×	1.99×	2.11×	2.15×	1.32×	1.32×	1.23×	1.24×
Dividend yield	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	6.0%	3.1%
Payout ratio	27.6%	0.0%	0.0%	0.0%	0.0%	0.0%	84.5%	98.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.5%	7.2%	9.4%	9.3%	4.3%	3.7%	6.0%	5.0%
Return on invested capital	6.3%	6.1%	6.2%	5.9%	5.8%	5.4%	6.4%	6.1%
Return on assets	3.6%	3.0%	3.3%	3.2%	1.5%	1.3%	2.3%	2.0%
Free cash flow yield	0.0%	-1.5%	-3.1%	-1.8%	-2.5%	28.3%	-10.5%	3.4%
Earnings yield	5.5%	3.0%	5.0%	6.1%	3.5%	4.9%	7.1%	3.1%
Enterprise value	₹419.6M	₹543M	₹388.8M	₹303.4M	₹312.8M	₹237.7M	₹226.6M	₹280.7M
Net debt / EBITDA	4.04×	4.8×	5.48×	5.29×	8.16×	8.28×	8.81×	7.2×
Cash conversion cycle (days)	3,358	14,037	50,599	103,055	57,028	68,746	-302,235	-131,323