Devine Impex Limited (DEVINE.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

+32.8%

₹10.89

vs ₹8.20 price

Levered DCF

-₹1.55

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 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	247.45×	308.33×	182.5×	102×	295×	74.48×	168.33×	280.51×
P/B	0.56×	0.74×	0.5×	0.36×	0.41×	0.15×	0.36×	0.39×
P/S	4.51×	5.08×	3.87×	2.73×	2.96×	0.97×	1.74×	1.79×
EV / EBITDA	190.38×	208.88×	132.29×	92.1×	123.05×	34.23×	131.2×	118.74×
Gross margin	11.9%	9.8%	10.7%	11.9%	9.0%	8.9%	6.0%	4.4%
Operating margin	2.4%	2.4%	2.9%	3.0%	2.4%	1.8%	1.3%	0.9%
Net margin	1.8%	1.6%	2.1%	2.8%	1.1%	1.3%	1.0%	0.6%
Current ratio	224.15×	221.6×	156.64×	252.02×	150.28×	251.38×	247.21×	454.05×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	403×	0×	0×	0×	456×	3.71×	121.33×	0×
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	0.2%	0.2%	0.3%	0.4%	0.2%	0.2%	0.2%	0.1%
Return on invested capital	0.2%	0.2%	0.2%	0.4%	0.2%	0.2%	0.2%	0.1%
Return on assets	0.2%	0.2%	0.3%	0.4%	0.2%	0.2%	0.2%	0.1%
Free cash flow yield	-0.1%	0.1%	-0.1%	0.1%	-7.3%	19.0%	-39.9%	-15.3%
Earnings yield	0.4%	0.3%	0.5%	1.0%	0.4%	1.3%	0.6%	0.4%
Enterprise value	₹76.7M	₹101.3M	₹68M	₹48.4M	₹56.1M	₹16.1M	₹47.8M	₹32.5M
Net debt / EBITDA	-0.07×	-0.28×	-0.15×	-0.32×	-0.28×	-9.06×	-1.05×	-71.55×
Cash conversion cycle (days)	2,932	2,432	2,794	2,789	2,516	2,189	1,663	778