D. B. Corp Limited (DBCORP.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

+467.1%

₹834.25

vs ₹147.10 price

Levered DCF

₹1,157.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.82

Safe zone

Rating

A+

Overall 5 / 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	9.98×	11.25×	11.36×	10.24×	10.48×	11.12×	5.06×	12.13×
P/B	1.36×	1.88×	2.18×	0.89×	0.79×	0.86×	0.83×	1.82×
P/S	1.41×	1.79×	2.01×	0.81×	0.85×	1.04×	0.63×	1.35×
EV / EBITDA	5.26×	-17.02×	3.85×	5.22×	4.97×	5.18×	3.49×	6.23×
Gross margin	48.8%	36.5%	50.3%	22.4%	29.8%	27.6%	60.7%	58.0%
Operating margin	17.6%	19.3%	46.3%	10.5%	39.7%	13.2%	17.5%	17.1%
Net margin	14.1%	15.9%	17.7%	7.9%	8.1%	9.4%	12.4%	11.1%
Current ratio	3.96×	3.72×	2.94×	2.49×	3.18×	2.8×	1.96×	2.61×
Debt / equity	0.11×	0.13×	0.11×	0.11×	0.11×	0.14×	0.21×	0.03×
Interest coverage	15.93×	18.29×	47.58×	12.94×	42×	8.32×	17.61×	56.03×
Dividend yield	3.8%	8.5%	2.9%	6.1%	5.9%	0.0%	27.3%	1.6%
Payout ratio	37.6%	96.0%	33.5%	62.8%	61.4%	0.0%	138.0%	19.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.7%	16.7%	19.2%	8.7%	7.6%	7.8%	16.4%	15.0%
Return on invested capital	10.9%	12.8%	32.5%	7.1%	23.6%	6.8%	14.5%	13.9%
Return on assets	10.4%	12.1%	14.2%	6.4%	5.6%	5.7%	11.1%	11.4%
Free cash flow yield	9.3%	8.7%	11.0%	12.6%	22.8%	19.5%	20.7%	5.6%
Earnings yield	10.0%	8.9%	8.8%	9.8%	9.5%	9.0%	19.7%	8.2%
Enterprise value	₹27B	₹43.4B	₹50B	₹18.6B	₹15.8B	₹17B	₹17B	₹32.4B
Net debt / EBITDA	-1.2×	-0.63×	0.13×	0.37×	0.27×	0.39×	0.64×	-0.16×
Cash conversion cycle (days)	81	73	62	88	92	137	94	85