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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
+308.5%
₹4,305.38
vs ₹1,054.00 price
Levered DCF
-₹21,180.86
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.88
Distress zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E23.81×29.01×15.5×17.59×38.12×74.86×14.54×22.17×
P/B2.36×2.22×3.41×2.84×3.23×2.72×1.77×3.02×
P/S3.08×2.79×4.57×4.41×5.28×4.39×2.95×5.88×
EV / EBITDA37.41×35.85×19.54×22.45×34.83×49.79×24.41×19.2×
Gross margin66.3%56.9%57.2%54.2%53.3%51.1%56.1%59.5%
Operating margin46.7%47.5%48.0%42.9%44.6%45.7%46.5%48.8%
Net margin12.9%9.6%29.5%25.1%13.9%5.9%20.3%26.5%
Current ratio0.1×1.56×1.77×1.26×1.44×1.55×1.29×1.9×
Debt / equity3.01×2.95×3.32×3.19×3.12×2.98×3.51×2.06×
Interest coverage0×13.28×10.8×8.92×6.09×6.93×9.16×6.61×
Dividend yield0.0%1.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%30.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity9.9%7.6%22.0%16.2%8.5%3.6%12.2%13.6%
Return on invested capital6.7%7.2%3.9%8.0%4.9%5.1%4.5%5.3%
Return on assets2.4%1.9%5.0%3.8%2.0%0.9%2.6%4.4%
Free cash flow yield14.7%7.1%-21.2%-22.8%-20.4%-4.7%-46.4%-19.6%
Earnings yield4.2%3.4%6.5%5.7%2.6%1.3%6.9%4.5%
Enterprise value₹410.1B₹347.4B₹431.5B₹295B₹248.8B₹186.9B₹138B₹114.3B
Net debt / EBITDA20.51×19.9×9.39×11.39×15.99×23.06×15.83×7.21×
Cash conversion cycle (days)-4-3-04,5792,7402,427-333,350