DhanSafal Finserve Limited (DHANSAFAL.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

-500.6%

-₹10.30

vs ₹2.57 price

Levered DCF

-₹89.73

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 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	93×	228.28×	85.67×	39.31×	53.81×	30.75×	-70.95×	21.51×
P/B	1.03×	1.58×	2.99×	1.77×	2.18×	0.32×	0.26×	0.43×
P/S	5.58×	17.44×	28.38×	13.99×	21.81×	3.58×	3.93×	5.39×
EV / EBITDA	47.59×	184.34×	53.18×	20.25×	45.98×	16.25×	-16.77×	18.84×
Gross margin	34.4%	63.5%	81.0%	97.7%	74.5%	99.3%	99.0%	99.1%
Operating margin	8.4%	62.7%	54.3%	68.2%	64.0%	59.4%	2.5%	35.6%
Net margin	6.0%	7.6%	37.2%	35.6%	40.5%	11.6%	-5.5%	25.0%
Current ratio	3.51×	5.6×	10.8×	75.47×	2.38×	7.29×	3.67×	6.61×
Debt / equity	0.33×	0.2×	0.06×	0×	0.45×	0.1×	0.15×	0.06×
Interest coverage	0×	27.37×	8,834×	4,266×	3,018.33×	1,791.75×	14.07×	192.41×
Dividend yield	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%	1.9%
Payout ratio	0.0%	100.9%	0.0%	0.0%	0.0%	0.0%	0.0%	41.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.1%	0.7%	3.9%	4.5%	4.0%	1.0%	-0.4%	2.0%
Return on invested capital	0.8%	3.0%	3.7%	6.4%	3.3%	2.9%	0.1%	2.0%
Return on assets	0.8%	0.6%	3.7%	4.4%	2.8%	0.9%	-0.3%	1.8%
Free cash flow yield	-57.8%	-44.2%	-5.4%	16.1%	-21.8%	-8.7%	-67.8%	20.3%
Earnings yield	1.1%	0.4%	1.3%	2.5%	1.9%	3.3%	-1.4%	4.7%
Enterprise value	₹855M	₹793M	₹458.3M	₹260.5M	₹371.7M	₹55.6M	₹54.1M	₹60.9M
Net debt / EBITDA	9.63×	-12.6×	-0.42×	-0.14×	7.79×	3.65×	-6.03×	0.87×
Cash conversion cycle (days)	0	3,254	2,258	-3,489	3,375	2,157	22,677	182