Dhanashree Electronics Limited (DEL.BO) 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

+104.0%

₹214.22

vs ₹105.00 price

Levered DCF

-₹6,759.84

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

D+

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	72.65×	28.69×	19.2×	12.43×	12.09×	15×	7.62×	8.01×
P/B	3.83×	2.37×	1.96×	965.69×	739.69×	833.74×	716.98×	0×
P/S	2.4×	1,009.56×	940.62×	706.48×	521.55×	0.62×	0.44×	461.31×
EV / EBITDA	-4,268.49×	230.5×	35×	-5.95×	3.21×	10.76×	2.34×	2.32×
Gross margin	3.2%	7.0%	12.6%	8.9%	24.4%	0.0%	0.0%	32.7%
Operating margin	-0.8%	-0.9%	1.0%	-8.3%	9.5%	9.6%	18.0%	19040.8%
Net margin	3.3%	3.5%	4.9%	5696.7%	4361.4%	0.0%	0.0%	5.8%
Current ratio	2.77×	2.41×	2.84×	3.14×	3.12×	3,021.31×	2.51×	0×
Debt / equity	0.51×	1.52×	1.63×	1.51×	1.48×	1,491.22×	1.31×	0×
Interest coverage	-0.14×	-0×	0×	-0×	0×	0.99×	1.61×	1.56×
Dividend yield	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	3.8%	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	5.3%	0.0%	0.0%	7786.9%	6185.5%	5.6%	9.4%	0.0%
Return on invested capital	-0.7%	-0.0%	0.0%	-3.3%	0.0%	3.6%	10411.6%	0.0%
Return on assets	2.4%	0.0%	0.0%	2757.0%	2244.3%	0.0%	3.3%	0.0%
Free cash flow yield	-0.9%	-7.0%	-17.5%	-45.8%	0.0%	-15.0%	0.0%	0.0%
Earnings yield	1.4%	0.0%	0.0%	8.1%	8.4%	0.0%	0.0%	0.0%
Enterprise value	₹3B	₹1.6B	₹1.4B	₹334M	₹235.9M	₹693.6M	₹202.6M	₹202.2M
Net debt / EBITDA	-490.23×	90.02×	15.9×	-0.01×	0.01×	6.9×	0×	0×
Cash conversion cycle (days)	158	376,121	453,840	523	663	519,305	293	0