Dharan Infra-EPC Limited (DHARAN.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

+1114.5%

₹1.58

vs ₹0.13 price

Levered DCF

₹1.25

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.05

Distress zone

Rating

—

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	-6.89×	-2.73×	-6.76×	16.86×	18.36×	8.13×	9.6×	6.81×
P/B	0.3×	0.11×	0.08×	0.31×	2.67×	0.65×	1.14×	1.05×
P/S	14.68×	5.49×	3.4×	2.68×	3.67×	0.62×	1.04×	0.84×
EV / EBITDA	10.77×	21.92×	22.33×	45.59×	12.12×	4.04×	7.09×	6.8×
Gross margin	23.5%	36.5%	42.9%	20.9%	34.8%	33.6%	37.8%	38.0%
Operating margin	-220.8%	-220.8%	-229.7%	-0.4%	33.5%	27.1%	27.1%	27.6%
Net margin	-213.1%	-203.3%	-162.7%	-3.3%	17.0%	15.7%	8.5%	12.5%
Current ratio	16.51×	12.65×	12.94×	3.12×	3.22×	2.92×	2.99×	2.1×
Debt / equity	0.07×	0.09×	0.08×	0.14×	0.64×	0.75×	0.96×	1.54×
Interest coverage	-11.07×	-3.76×	-4.22×	-0.03×	2.34×	1.96×	1.81×	1.41×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.1%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-7.6%	1.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.3%	-4.1%	-4.0%	-0.4%	12.4%	16.5%	9.3%	15.7%
Return on invested capital	-3.9%	-3.9%	-4.9%	-0.0%	8.4%	8.9%	8.9%	9.1%
Return on assets	-3.6%	-3.5%	-3.3%	-0.3%	5.3%	6.5%	3.3%	4.9%
Free cash flow yield	5.1%	69.2%	-217.2%	-6.8%	9.2%	55.3%	-15.3%	66.3%
Earnings yield	-14.5%	-37.0%	-47.8%	-1.2%	4.6%	25.3%	8.2%	14.8%
Enterprise value	-₹3.7B	-₹5.3B	-₹5.4B	₹4.1B	₹4.6B	₹1.7B	₹2.2B	₹2.1B
Net debt / EBITDA	18.4×	26.03×	25.52×	13.56×	2.34×	2.16×	3.23×	3.95×
Cash conversion cycle (days)	5,569	6,105	5,582	914	980	669	921	905