CRISIL Limited (CRISIL.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

-23.0%

₹3,443.91

vs ₹4,473.20 price

Levered DCF

₹4,130.29

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

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	41.26×	71.12×	47.41×	39.68×	45.05×	39.27×	40.07×	31.95×
P/B	10.42×	18.97×	14.26×	12.5×	13.29×	10.62×	11.76×	10.21×
P/S	8.66×	14.92×	9.94×	8.09×	9.12×	7.03×	7.96×	6.64×
EV / EBITDA	29.32×	48.58×	31.69×	26×	28.4×	23.37×	25.43×	20.97×
Gross margin	35.0%	51.6%	44.3%	49.8%	49.5%	26.9%	54.5%	55.1%
Operating margin	26.2%	25.8%	44.0%	22.7%	22.5%	20.2%	25.7%	25.9%
Net margin	21.0%	21.0%	21.0%	20.4%	20.2%	17.9%	19.9%	20.8%
Current ratio	1.88×	1.96×	2.1×	1.87×	1.79×	1.57×	1.95×	1.73×
Debt / equity	0.18×	0.1×	0.02×	0.05×	0.08×	0.17×	0×	0×
Interest coverage	43.06×	208.77×	377.41×	98.06×	58.07×	27.89×	1,933.52×	360×
Dividend yield	1.4%	0.9%	1.1%	1.5%	1.3%	1.7%	1.8%	2.2%
Payout ratio	56.3%	62.0%	54.4%	60.8%	59.4%	65.4%	73.2%	69.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.3%	26.7%	30.1%	31.5%	29.5%	27.0%	29.3%	32.0%
Return on invested capital	20.3%	21.4%	45.1%	24.5%	22.2%	19.7%	26.0%	28.4%
Return on assets	16.5%	17.4%	20.0%	19.9%	18.6%	16.1%	20.4%	22.2%
Free cash flow yield	2.2%	1.2%	2.3%	1.9%	1.8%	3.3%	3.0%	3.0%
Earnings yield	2.4%	1.4%	2.1%	2.5%	2.2%	2.5%	2.5%	3.1%
Enterprise value	₹318.2B	₹486B	₹309B	₹221.6B	₹208.3B	₹138.8B	₹134.4B	₹114B
Net debt / EBITDA	0.2×	-0.05×	-0.33×	-0.28×	-0.22×	-0.09×	-0.64×	-0.37×
Cash conversion cycle (days)	47	26	53	67	51	52	30	49