CSB Bank Limited (CSBBANK.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

+157.7%

₹765.83

vs ₹297.15 price

Levered DCF

₹107.33

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.3

Distress zone

Rating

B+

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	9.33×	8.8×	11.26×	7.77×	7.99×	18.5×	134.15×	-12.64×
P/B	1.21×	1.16×	1.68×	1.33×	1.38×	1.85×	0.87×	1.74×
P/S	1.04×	1.14×	1.82×	1.61×	1.6×	1.86×	1.03×	1.76×
EV / EBITDA	9.35×	8.2×	5.93×	5.87×	8.55×	7.41×	3.44×	-2.7×
Gross margin	46.9%	53.6%	58.7%	62.6%	61.3%	57.2%	44.4%	36.0%
Operating margin	15.0%	17.5%	21.7%	27.8%	26.9%	13.4%	8.1%	-21.2%
Net margin	11.1%	13.0%	16.1%	20.8%	20.1%	10.0%	0.8%	-13.9%
Current ratio	0.09×	0.1×	0.41×	5.63×	2.52×	9.34×	6.16×	12.27×
Debt / equity	1.46×	1.23×	0.46×	0.24×	0.8×	0.25×	0.01×	0.01×
Interest coverage	0.31×	0.38×	0.52×	0.74×	0.69×	0.31×	0.15×	-0.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.9%	13.2%	14.9%	17.1%	17.3%	10.0%	0.6%	-13.8%
Return on invested capital	3.7%	4.2%	2.0%	41.1%	19.0%	14.4%	1.5%	-20.1%
Return on assets	1.1%	1.2%	1.6%	1.9%	1.8%	0.9%	0.1%	-1.2%
Free cash flow yield	15.4%	-243.0%	8.9%	50.2%	-25.0%	32.6%	-32.4%	-36.7%
Earnings yield	10.7%	11.4%	8.9%	12.9%	12.5%	5.4%	0.7%	-7.9%
Enterprise value	₹89.6B	₹71.8B	₹48.5B	₹45.6B	₹55.8B	₹24.7B	₹5.4B	₹7.7B
Net debt / EBITDA	3.19×	2.23×	-1.88×	0.39×	2.93×	-4.71×	-7.34×	6.1×
Cash conversion cycle (days)	-48	12	13	-922	-906	75	-575	-6