DB (International) Stock Brokers Limited (DBSTOCKBRO.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

+576.2%

₹204.20

vs ₹30.20 price

Levered DCF

₹69.86

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.38

Grey 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	28.04×	17.63×	15.93×	12.39×	10.36×	95.11×	9.21×	-10.54×
P/B	1.15×	1.41×	2.17×	1.38×	1.77×	0.71×	0.59×	0.7×
P/S	3.16×	6.51×	11.04×	8.42×	3.41×	1.95×	3.21×	-55.6×
EV / EBITDA	14.76×	10×	9.05×	6.53×	6.55×	4.8×	3.18×	-6.8×
Gross margin	40.9%	-27.4%	-61.4%	58.6%	65.6%	63.1%	52.4%	665.1%
Operating margin	15.8%	-111.1%	-162.3%	-112.9%	33.4%	19.0%	20.3%	1112.6%
Net margin	11.3%	37.0%	69.3%	68.0%	32.9%	2.0%	34.7%	529.8%
Current ratio	7,847.61×	2.83×	1.96×	2.12×	1.56×	2.95×	3.08×	3.67×
Debt / equity	0.03×	0.04×	0.06×	0.12×	0.05×	0.04×	0.02×	0×
Interest coverage	3.63×	-13.33×	-12.73×	-46.16×	43.5×	22.59×	37.59×	-323.02×
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	4.1%	8.0%	13.6%	11.1%	17.0%	0.8%	6.4%	-6.7%
Return on invested capital	2.7%	-18.8%	-23.3%	-12.0%	13.2%	0.4%	2.4%	-9.6%
Return on assets	2.7%	5.2%	7.0%	6.1%	8.9%	0.5%	4.4%	-5.0%
Free cash flow yield	-0.1%	-0.5%	-5.2%	14.1%	24.4%	13.7%	41.3%	-28.4%
Earnings yield	3.6%	5.7%	6.3%	8.1%	9.6%	1.1%	10.8%	-9.5%
Enterprise value	₹822.7M	₹988.6M	₹1.4B	₹655.9M	₹774.2M	₹251.7M	₹135.6M	₹237M
Net debt / EBITDA	-0.91×	-0.3×	-0.31×	-1.33×	-1.03×	-0.91×	-2.56×	1.03×
Cash conversion cycle (days)	-834	-560	-730	-3,731	-1,706	-1,044	-1,455	-2,759