Dabur India Limited (DABUR.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

+21.2%

₹459.82

vs ₹379.45 price

Levered DCF

₹575.71

After debt service

Piotroski score

5 / 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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.4×	50×	50.88×	56.7×	54.66×	56.6×	55.22×	49.08×
P/B	6.37×	8.18×	9.52×	10.79×	11.34×	12.5×	12.08×	12.62×
P/S	5.52×	7.03×	7.57×	8.39×	8.73×	10.02×	9.19×	8.34×
EV / EBITDA	24.33×	38.09×	39.11×	44.67×	42.26×	47.6×	44.49×	40.9×
Gross margin	34.3%	47.4%	47.4%	45.0%	47.7%	49.3%	49.3%	48.9%
Operating margin	15.0%	29.4%	29.8%	28.7%	29.7%	29.4%	29.9%	29.3%
Net margin	14.4%	14.1%	14.9%	14.8%	16.0%	17.7%	16.6%	16.9%
Current ratio	1.7×	1.51×	1.45×	1.18×	1.3×	1.63×	1.98×	1.35×
Debt / equity	0.11×	0.09×	0.14×	0.13×	0.12×	0.07×	0.08×	0.12×
Interest coverage	13.64×	22.55×	29.74×	42.33×	83.86×	91.37×	54.01×	44.15×
Dividend yield	2.0%	1.1%	1.0%	1.0%	1.0%	0.6%	0.8%	1.9%
Payout ratio	74.9%	55.1%	52.4%	54.0%	55.9%	35.0%	42.8%	91.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.6%	16.4%	18.7%	19.0%	20.8%	22.1%	21.9%	25.6%
Return on invested capital	11.5%	23.0%	23.9%	23.6%	25.9%	28.0%	30.1%	32.4%
Return on assets	10.8%	10.9%	12.2%	12.5%	14.2%	15.6%	15.4%	17.1%
Free cash flow yield	3.2%	1.6%	1.5%	1.0%	1.5%	1.9%	1.5%	1.8%
Earnings yield	2.6%	2.0%	2.0%	1.8%	1.8%	1.8%	1.8%	2.0%
Enterprise value	₹738.5B	₹891.1B	₹950.5B	₹978.2B	₹958.2B	₹960.6B	₹801.3B	₹716.4B
Net debt / EBITDA	0.36×	0.33×	0.46×	0.47×	0.34×	0.13×	0.2×	0.34×
Cash conversion cycle (days)	-7	-3	4	20	15	10	26	23