Dharani Finance Limited (DHARFIN.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

-35.6%

₹7.30

vs ₹11.33 price

Levered DCF

-₹10.19

After debt service

Piotroski score

3 / 9

Weak

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	7.93×	7.07×	-9.84×	-27.56×	11.21×	271.29×	-6.2×	-55.63×
P/B	0.44×	0.63×	0.35×	0.42×	0.42×	0.35×	0.21×	0.22×
P/S	3.28×	4.29×	18.31×	6.87×	4.65×	6.81×	2.31×	1.66×
EV / EBITDA	5.33×	6.68×	-136.25×	17.75×	7.36×	13.88×	5.1×	10.05×
Gross margin	93.4%	85.6%	39.3%	87.8%	57.6%	83.3%	111.5%	87.6%
Operating margin	60.5%	62.1%	-202.3%	9.8%	42.4%	-12.5%	19.5%	7.9%
Net margin	41.4%	60.5%	-186.2%	-25.3%	41.3%	2.5%	-37.5%	-3.0%
Current ratio	42.61×	57.15×	1.12×	5.76×	8.99×	6.01×	9.9×	2.85×
Debt / equity	0.06×	0.01×	0.01×	0.03×	0×	0.02×	0.03×	0.01×
Interest coverage	0×	51.23×	-18.88×	2.27×	39.9×	-504×	5.48×	1.89×
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	5.5%	8.8%	-3.5%	-1.6%	3.7%	0.1%	-3.5%	-0.4%
Return on invested capital	4.9%	8.5%	-3.7%	0.7%	3.7%	-0.2%	-2.2%	-0.4%
Return on assets	4.9%	8.2%	-3.3%	-1.3%	3.2%	0.1%	-3.2%	-0.3%
Free cash flow yield	5.3%	2.0%	-0.1%	-0.2%	-0.3%	1.5%	9.2%	3.2%
Earnings yield	12.6%	14.1%	-10.2%	-3.7%	8.9%	0.4%	-16.2%	-1.8%
Enterprise value	₹48M	₹59M	₹30.9M	₹36.1M	₹33.8M	₹27.8M	₹19M	₹18.6M
Net debt / EBITDA	0.44×	-0.05×	-4.52×	0.85×	-0.08×	0.23×	0.44×	0.56×
Cash conversion cycle (days)	-22	2,020	-39	-2,704	754	-2,653	-322	-880