Crystal Business System Ltd (CRYSTAL.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

-53.9%

₹0.85

vs ₹1.84 price

Levered DCF

₹0.05

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	150.86×	29.51×	125.67×	-404.24×	93.33×	-95.5×	8.08×	9.21×
P/B	1.16×	1.75×	2.81×	3.37×	1.93×	0.75×	0.5×	0.96×
P/S	2.02×	1.55×	2.74×	2.52×	1.18×	0.47×	0.21×	0.23×
EV / EBITDA	24.83×	15.67×	48.66×	71.89×	38.15×	42.91×	5.63×	8.78×
Gross margin	32.4%	30.3%	93.5%	26.1%	38.2%	28.5%	16.2%	8.9%
Operating margin	-0.1%	6.4%	76.7%	42.9%	-1.8%	-0.3%	60.7%	63.4%
Net margin	1.3%	5.3%	2.2%	-0.6%	1.3%	-0.5%	2.6%	2.5%
Current ratio	2.48×	2.05×	1.38×	1.43×	2.21×	1.84×	1.65×	1.29×
Debt / equity	0.19×	0.25×	0.17×	0.23×	0.36×	0.22×	0.17×	0.45×
Interest coverage	-0.11×	8.57×	960.85×	1,933.36×	-52.44×	-3.57×	1,114.18×	1,422.23×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.3%	0.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	6.0%	-3.7%	2.7%	1.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.8%	5.9%	2.2%	-0.8%	2.1%	-0.8%	6.1%	10.4%
Return on invested capital	-0.0%	3.9%	47.3%	-21.7%	-1.7%	-0.4%	89.9%	130.1%
Return on assets	0.5%	3.7%	1.3%	-0.4%	1.1%	-0.4%	3.1%	3.5%
Free cash flow yield	5.0%	-13.7%	0.5%	10.1%	2.9%	37.4%	50.2%	-22.9%
Earnings yield	0.7%	3.4%	0.8%	-0.2%	1.1%	-1.0%	12.4%	10.8%
Enterprise value	₹201.2M	₹304.5M	₹441.5M	₹508.9M	₹323.2M	₹131.1M	₹95.7M	₹189.3M
Net debt / EBITDA	3.16×	1.92×	2.13×	4.33×	5.02×	8.12×	1.43×	2.78×
Cash conversion cycle (days)	190	120	-1,811	11	-35	-23	-22	5