DCB Bank Limited (DCBBANK.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

+52.5%

₹284.54

vs ₹186.59 price

Levered DCF

-₹305.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.22

Distress zone

Rating

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	7.25×	5.8×	7.34×	7.12×	7.49×	9.48×	8.7×	19.24×
P/B	0.81×	0.63×	0.78×	0.73×	0.53×	0.85×	0.86×	2.01×
P/S	0.64×	0.5×	0.67×	0.72×	0.54×	0.82×	0.75×	1.85×
EV / EBITDA	17.69×	17.7×	14.79×	13×	12.26×	14.09×	12.68×	20.19×
Gross margin	40.1%	39.5%	41.1%	46.1%	45.6%	44.4%	42.2%	44.2%
Operating margin	11.8%	11.5%	12.4%	13.6%	9.8%	11.6%	12.5%	14.9%
Net margin	8.9%	8.5%	9.2%	10.1%	7.3%	8.6%	8.6%	9.6%
Current ratio	0.06×	0×	0.41×	1.13×	3.07×	4.83×	6.2×	7.75×
Debt / equity	2.77×	2.87×	2.19×	1.8×	1.85×	1.88×	2.19×	2.46×
Interest coverage	0.2×	0.19×	0.21×	0.25×	0.18×	0.21×	0.22×	0.27×
Dividend yield	0.8%	1.1%	1.0%	0.9%	0.0%	0.0%	1.3%	0.4%
Payout ratio	5.8%	6.4%	7.3%	6.7%	0.0%	0.0%	11.0%	8.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.2%	10.8%	10.6%	10.2%	7.1%	8.9%	9.9%	10.4%
Return on invested capital	4.0%	0.7%	1.0%	20.8%	9.0%	8.2%	9.3%	2.7%
Return on assets	0.8%	0.8%	0.9%	0.9%	0.6%	0.8%	0.9%	0.9%
Free cash flow yield	123.5%	-312.9%	-35.0%	-52.3%	67.2%	-49.7%	3.3%	-5.7%
Earnings yield	13.8%	17.1%	13.6%	14.0%	13.3%	10.5%	11.5%	5.2%
Enterprise value	₹191.6B	₹164.6B	₹120.7B	₹91.6B	₹55.6B	₹71.8B	₹68.8B	₹111.2B
Net debt / EBITDA	12.79×	13.83×	9.97×	8.3×	7.51×	7.84×	7.26×	8.83×
Cash conversion cycle (days)	-25	-3	218	-604	-768	-41	-689	-43