DCM Limited (DCM.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

+108.7%

₹154.44

vs ₹74.00 price

Levered DCF

₹99.33

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.62

Distress zone

Rating

C-

Overall 1 / 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	35.72×	8.47×	26.79×	56.04×	5.13×	-2.53×	-0.85×	-150.36×
P/B	2.21×	4.33×	6.71×	8.75×	12.97×	-2.37×	-12.84×	0.22×
P/S	1.44×	2.69×	2.07×	1.88×	2.22×	0.95×	0.14×	0.09×
EV / EBITDA	7.42×	16.81×	8.98×	9.57×	4.16×	49.7×	-11.4×	-219.66×
Gross margin	100.0%	-1.7%	97.6%	97.6%	1.6%	-11.9%	50.4%	47.8%
Operating margin	-3.4%	-1.7%	1.0%	39.0%	-6.2%	-24.0%	-20.6%	-7.9%
Net margin	4.0%	31.7%	7.7%	3.4%	43.2%	-37.6%	-15.9%	-0.1%
Current ratio	0.97×	0.92×	0.82×	0.71×	0.67×	0.47×	0.34×	1.13×
Debt / equity	0.02×	0.03×	0.08×	0.04×	2.01×	-1.69×	-15.68×	1.41×
Interest coverage	-1.74×	-0.63×	0.34×	12.38×	-0.73×	-1.3×	-3.45×	-2.59×
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	6.2%	51.1%	25.1%	15.6%	252.7%	93.6%	1503.4%	-0.1%
Return on invested capital	-1.9%	-1.6%	0.9%	25.7%	-5.9%	-26.6%	-86.4%	-7.5%
Return on assets	2.2%	17.5%	4.6%	2.0%	25.8%	-14.2%	-24.0%	-0.0%
Free cash flow yield	1.0%	5.3%	1.3%	13.3%	7.3%	6.1%	52.6%	172.5%
Earnings yield	2.8%	11.8%	3.7%	1.8%	19.5%	-39.6%	-117.1%	-0.7%
Enterprise value	₹764.8M	₹1.8B	₹1.3B	₹1.2B	₹1.7B	₹730.9M	₹507.5M	₹2.7B
Net debt / EBITDA	-2.6×	-0.79×	-0.43×	-0.58×	0.38×	19.03×	-5.78×	-188.22×
Cash conversion cycle (days)	121	101	1,357	1,866	-819	-17,284	-147	342