Dev Labtech Venture Limited (DEVLAB.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

-1348.1%

-₹288.43

vs ₹23.11 price

Levered DCF

-₹248.70

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.87

Grey zone

Rating

B+

Overall 3 / 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	11.07×	18.53×	32.41×	22.8×	31.13×	554.74×	49,025×	196.1×
P/B	4.17×	0.58×	1.69×	2.2×	7.6×	13.65×	13.99×	10.65×
P/S	1.27×	0.46×	1.01×	1.37×	0.57×	1.66×	1.72×	0.59×
EV / EBITDA	19.14×	8.1×	15.41×	19.33×	23.86×	76.28×	57.64×	75.87×
Gross margin	14.7%	21.2%	19.8%	24.9%	13.6%	30.4%	43.6%	22.3%
Operating margin	6.0%	3.7%	4.5%	20.1%	8.9%	21.4%	1.9%	0.2%
Net margin	5.7%	2.5%	3.1%	3.4%	1.8%	0.3%	0.0%	0.3%
Current ratio	1.46×	29.54×	14.01×	5.24×	1.44×	1.45×	1.35×	1.5×
Debt / equity	0.06×	0.02×	0.04×	0.06×	0.6×	1.2×	1.06×	1.13×
Interest coverage	92.8×	16.26×	16.53×	0×	18.17×	16.72×	0×	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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.8%	3.1%	5.2%	5.4%	24.4%	2.5%	0.0%	5.3%
Return on invested capital	17.7%	3.2%	5.3%	22.0%	61.4%	53.2%	0.1%	2.0%
Return on assets	5.8%	3.0%	4.7%	4.3%	5.5%	0.5%	0.0%	1.4%
Free cash flow yield	-0.9%	25.8%	-25.5%	-24.3%	1.0%	-0.4%	1.4%	-8.0%
Earnings yield	4.5%	5.4%	3.1%	2.4%	3.2%	0.2%	0.0%	0.5%
Enterprise value	₹2.2B	₹249.3M	₹444M	₹369.3M	₹165.7M	₹220.1M	₹217.6M	₹170.3M
Net debt / EBITDA	0.26×	0.31×	0.32×	-2.45×	1.67×	6.05×	3.98×	7.22×
Cash conversion cycle (days)	95	315	221	148	33	59	73	43