Dalmia Bharat Limited (DALBHARAT.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

-9.8%

₹1,233.70

vs ₹1,367.60 price

Levered DCF

-₹1,191.84

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.44

Distress zone

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	29.3×	49.05×	45.13×	35.51×	34.64×	25.4×	42.26×	61.95×
P/B	1.86×	1.93×	2.28×	2.43×	1.79×	2.33×	0.9×	1.79×
P/S	2.25×	2.4×	2.54×	2.8×	2.55×	2.95×	0.98×	2.01×
EV / EBITDA	12.37×	15.3×	14.76×	16.43×	12.08×	11.23×	6.07×	10.44×
Gross margin	46.0%	60.0%	57.9%	55.7%	61.7%	66.2%	61.2%	60.1%
Operating margin	11.7%	28.8%	28.5%	27.6%	32.6%	38.0%	32.3%	31.0%
Net margin	7.7%	4.9%	5.6%	7.6%	7.2%	11.6%	2.3%	3.2%
Current ratio	1.54×	1.59×	1.76×	1.65×	1.61×	1.26×	1.18×	1.26×
Debt / equity	0.41×	0.33×	0.29×	0.25×	0.2×	0.3×	0.57×	0.55×
Interest coverage	3.61×	12.51×	13.49×	21.26×	25.22×	14.42×	7.53×	5.71×
Dividend yield	0.5%	0.5%	0.5%	0.4%	0.3%	0.0%	1.0%	0.2%
Payout ratio	14.8%	24.7%	20.5%	16.3%	12.3%	0.0%	41.5%	13.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.3%	3.9%	5.0%	6.6%	5.1%	9.1%	2.1%	2.9%
Return on invested capital	4.9%	13.4%	14.2%	14.1%	12.5%	17.7%	11.4%	16.3%
Return on assets	3.4%	2.3%	3.0%	4.1%	3.3%	5.3%	1.1%	1.5%
Free cash flow yield	-0.5%	-1.6%	-0.5%	-1.2%	0.6%	8.6%	10.4%	4.0%
Earnings yield	3.4%	2.0%	2.2%	2.7%	2.8%	3.9%	2.4%	1.6%
Enterprise value	₹405.5B	₹390.5B	₹418.2B	₹415.6B	₹318.6B	₹333.8B	₹152.3B	₹246.8B
Net debt / EBITDA	2.19×	2.17×	1.58×	1.43×	1.15×	1.21×	2.3×	2.37×
Cash conversion cycle (days)	17	14	15	30	50	28	39	62