DCM Shriram Industries Limited (DCMSRIND.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

+214.7%

₹184.14

vs ₹58.51 price

Levered DCF

₹8.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

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	7.17×	16.47×	4.54×	2.88×	3.88×	3.85×	2.6×	3.33×
P/B	0.82×	0.55×	0.64×	0.24×	0.38×	0.4×	0.45×	0.5×
P/S	0.26×	0.46×	0.25×	0.07×	0.12×	0.13×	0.15×	0.15×
EV / EBITDA	6.88×	4.16×	4.18×	5.06×	4.93×	7.98×	18.73×	5.21×
Gross margin	18.9%	9.5%	37.6%	29.9%	10.9%	31.3%	25.9%	29.7%
Operating margin	7.1%	5.8%	27.9%	4.2%	4.7%	3.4%	1.0%	6.6%
Net margin	3.6%	9.4%	5.5%	2.6%	3.1%	3.5%	5.7%	4.4%
Current ratio	1.12×	1.28×	1.22×	1.19×	1.24×	1.26×	1.31×	1.22×
Debt / equity	1.17×	0.59×	0.65×	0.71×	0.84×	0.82×	1.1×	0.94×
Interest coverage	3.39×	1.76×	16.26×	2.92×	2.45×	1.43×	0.32×	4.67×
Dividend yield	5.8%	3.5%	0.1%	7.5%	5.1%	3.5%	9.1%	3.3%
Payout ratio	41.3%	17.4%	0.5%	21.5%	19.7%	13.4%	23.6%	11.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.4%	11.3%	14.2%	8.4%	9.9%	10.5%	17.1%	15.0%
Return on invested capital	6.3%	-0.7%	26.1%	4.8%	5.4%	3.6%	1.3%	9.0%
Return on assets	2.9%	4.4%	5.2%	3.1%	3.7%	3.9%	6.0%	5.6%
Free cash flow yield	13.3%	8.7%	7.8%	66.8%	-29.5%	67.4%	-15.0%	-2.0%
Earnings yield	13.9%	20.4%	22.0%	34.7%	25.8%	26.0%	38.4%	30.0%
Enterprise value	₹6.9B	₹9.6B	₹10.3B	₹6.8B	₹8.1B	₹7.4B	₹8.2B	₹7.1B
Net debt / EBITDA	3.91×	2.01×	2.07×	3.76×	3.37×	5.28×	13.03×	3.38×
Cash conversion cycle (days)	178	265	173	109	117	132	164	142