Dev Information Technology Limited (DEVIT.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

+4518.8%

₹863.71

vs ₹18.70 price

Levered DCF

-₹98.86

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	1.73×	17.52×	25.11×	23.14×	1,084.36×	-193.1×	9.85×	12.28×
P/B	1.2×	3.79×	4.22×	4.98×	4.44×	1.82×	1.09×	1.79×
P/S	0.69×	1.53×	1.43×	1.67×	1.46×	0.73×	0.53×	0.71×
EV / EBITDA	1.54×	11.74×	16×	15.25×	24.77×	20.01×	8.77×	7.44×
Gross margin	6.7%	9.4%	12.3%	9.8%	10.7%	9.5%	15.6%	19.6%
Operating margin	-0.0%	4.4%	7.6%	4.6%	3.8%	2.2%	4.3%	8.2%
Net margin	40.0%	8.7%	5.7%	7.2%	0.1%	-0.4%	5.4%	5.8%
Current ratio	1.79×	1.91×	2.1×	2.08×	1.52×	1.59×	1.69×	1.86×
Debt / equity	0.28×	0.29×	0.26×	0.18×	0.29×	0.33×	0.32×	0.37×
Interest coverage	-0.01×	2.86×	8.81×	4.15×	4.1×	1.77×	2.08×	4.01×
Dividend yield	0.4%	0.4%	0.2%	0.3%	0.2%	0.4%	0.9%	0.6%
Payout ratio	0.7%	7.6%	6.0%	6.2%	206.0%	-86.2%	9.0%	7.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	69.3%	21.7%	16.7%	21.6%	0.4%	-0.9%	11.1%	14.6%
Return on invested capital	-0.0%	6.8%	12.9%	9.4%	-0.3%	-32.3%	6.5%	9.6%
Return on assets	40.1%	12.2%	9.7%	13.2%	0.2%	-0.5%	6.4%	7.8%
Free cash flow yield	-14.4%	-6.0%	-1.2%	-3.6%	2.2%	8.2%	5.1%	-1.0%
Earnings yield	57.8%	5.7%	4.0%	4.3%	0.1%	-0.5%	10.2%	8.2%
Enterprise value	₹1.6B	₹2.8B	₹2.4B	₹2.1B	₹1.5B	₹651M	₹435.1M	₹592.6M
Net debt / EBITDA	0.24×	0.76×	0.73×	0.35×	0.14×	1×	1.43×	0.72×
Cash conversion cycle (days)	135	131	105	79	60	91	95	83