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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
+479.2%
₹2,362.26
vs ₹407.85 price
Levered DCF
₹2,162.97
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.12
Grey zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E8.93×6.93×7.28×4.15×6.5×6.32×5.16×8.4×
P/B2.33×2.47×3.29×2.3×2.61×2.2×2.68×5.55×
P/S1.65×1.97×2.14×1.03×1.12×0.97×0.96×1.58×
EV / EBITDA4.49×4.28×4.85×2.57×3.85×3.65×3.25×4.76×
Gross margin44.8%83.1%84.5%82.0%81.2%85.8%86.6%84.8%
Operating margin18.5%31.7%32.5%29.6%23.9%18.0%26.5%28.7%
Net margin18.5%28.5%29.4%24.9%17.3%15.3%18.7%18.8%
Current ratio1.86×1.49×1.7×1.57×1.62×1.67×1.72×1.51×
Debt / equity0.12×0.09×0.08×0.08×0.08×0.16×0.2×0.08×
Interest coverage25.57×150×180.12×295.38×771.56×76.2×345.55×2,157.92×
Dividend yield5.8%6.6%5.5%10.9%9.6%9.6%11.2%5.5%
Payout ratio52.1%45.9%40.4%45.1%62.1%60.7%57.9%46.5%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity26.1%35.7%45.2%55.5%40.2%34.8%52.0%66.0%
Return on invested capital10.4%15.0%17.9%19.4%14.4%9.2%17.5%23.5%
Return on assets10.9%13.6%15.7%15.0%9.6%7.9%11.1%13.2%
Free cash flow yield12.4%6.5%0.5%15.5%25.8%-0.6%-1.7%6.4%
Earnings yield11.2%14.4%13.7%24.1%15.4%15.8%19.4%11.9%
Enterprise value₹2.4T₹2.4T₹2.7T₹1.3T₹1.1T₹809.8B₹909.7B₹1.5T
Net debt / EBITDA-0.72×-0.04×0.01×-0.03×-0.1×0.03×0.17×-0×
Cash conversion cycle (days)437971311217853158