Desh Rakshak Aushdhalaya Ltd. (DESHRAK.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

-60.8%

₹10.55

vs ₹26.90 price

Levered DCF

-₹43.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.74

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.55×	28.16×	7.24×	5.59×	3.8×	4.31×	6.22×	5.38×
P/B	1.17×	1.34×	0.33×	0.25×	0.2×	0.21×	0.23×	0.22×
P/S	2.19×	2.13×	0.51×	0.37×	0.29×	0.28×	0.37×	0.33×
EV / EBITDA	13.04×	12.79×	4.44×	4.82×	5.03×	4.42×	4.88×	3.92×
Gross margin	58.0%	59.1%	58.0%	55.5%	57.3%	47.0%	54.0%	50.9%
Operating margin	13.4%	13.2%	8.4%	7.8%	13.2%	11.0%	11.1%	9.8%
Net margin	7.9%	7.6%	7.1%	6.6%	7.8%	6.4%	6.0%	6.0%
Current ratio	2.49×	1.61×	1.48×	2.06×	2.19×	1.96×	2.41×	2.37×
Debt / equity	0.21×	0.31×	0.3×	0.46×	0.47×	0.34×	0.26×	0.18×
Interest coverage	3.34×	2.78×	1.41×	1.18×	3.87×	5.27×	3.8×	4.21×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.2%	4.8%	4.5%	4.4%	5.2%	4.8%	3.6%	4.1%
Return on invested capital	4.8%	5.4%	3.5%	3.0%	5.0%	4.8%	4.3%	4.6%
Return on assets	2.7%	2.7%	2.6%	2.6%	3.0%	2.9%	2.5%	3.0%
Free cash flow yield	-18.0%	-6.5%	47.5%	-15.5%	-82.8%	-29.7%	-34.7%	-30.2%
Earnings yield	3.6%	3.6%	13.9%	17.8%	26.5%	23.1%	16.0%	18.5%
Enterprise value	₹181.9M	₹163.5M	₹57.8M	₹64.1M	₹59.2M	₹42M	₹38.6M	₹30.9M
Net debt / EBITDA	1.9×	2.32×	2.07×	3.11×	3.48×	2.51×	2.47×	1.62×
Cash conversion cycle (days)	75	-194	-178	21	36	15	-126	-99