DEN Networks Limited (DEN.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

+574.2%

₹166.88

vs ₹24.75 price

Levered DCF

₹71.39

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.37

Grey zone

Rating

Overall 4 / 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	7.14×	7.74×	11.33×	5.27×	10×	11.87×	20.61×	-6.16×
P/B	0.31×	0.43×	0.71×	0.4×	0.6×	0.85×	0.56×	0.67×
P/S	1.22×	1.54×	2.25×	1.16×	1.49×	1.82×	1.14×	1.45×
EV / EBITDA	-6.42×	4.37×	6.21×	4.88×	5.28×	4.71×	4.12×	168.38×
Gross margin	36.3%	41.8%	43.8%	44.5%	47.0%	52.3%	51.9%	51.5%
Operating margin	-2.3%	0.6%	1.8%	3.0%	2.3%	-0.5%	-2.4%	-1.3%
Net margin	17.0%	19.9%	19.9%	22.0%	14.9%	15.3%	5.5%	-23.5%
Current ratio	8.36×	7.67×	7.63×	6.64×	6.48×	5.25×	3.23×	3.39×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0×	0×	0.08×	0.19×
Interest coverage	-12.13×	3.02×	7.47×	23.58×	99.5×	-1.89×	-0.97×	-0.26×
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	4.4%	5.5%	6.3%	7.6%	6.0%	7.1%	2.7%	-10.9%
Return on invested capital	-0.5%	0.1%	0.5%	1.0%	0.9%	-0.2%	-0.5%	-0.4%
Return on assets	3.9%	4.8%	5.5%	6.5%	5.0%	5.7%	1.9%	-7.0%
Free cash flow yield	-1.6%	-1.5%	3.6%	3.1%	1.5%	4.5%	13.1%	-3.6%
Earnings yield	14.0%	12.9%	8.8%	19.0%	10.0%	8.4%	4.8%	-16.2%
Enterprise value	-₹19.3B	₹15.6B	₹22.5B	₹12.9B	₹17.1B	₹21.1B	₹15.7B	₹21.1B
Net debt / EBITDA	-10.35×	0.02×	-0.51×	0.04×	-0.14×	-0.54×	0.33×	32.14×
Cash conversion cycle (days)	-128	-110	-112	-118	-491	-138	301	-1,389