D & H India Ltd (DHINDIA.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

-1092.0%

-₹1,787.12

vs ₹180.15 price

Levered DCF

-₹1,033.51

After debt service

Piotroski score

2 / 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	29.53×	35.5×	32.81×	9.61×	8.18×	-14.28×	-5.99×	7.79×
P/B	3.18×	3.94×	1.92×	1.08×	0.62×	0.38×	0.34×	0.46×
P/S	0.98×	0.89×	0.51×	0.29×	0.22×	0.16×	0.13×	0.19×
EV / EBITDA	14.21×	15.66×	12.94×	6.49×	7.22×	12.33×	14.78×	5.16×
Gross margin	16.8%	15.6%	20.6%	19.7%	19.4%	20.6%	23.1%	25.1%
Operating margin	5.8%	5.5%	4.7%	5.5%	3.6%	0.5%	2.2%	5.3%
Net margin	3.3%	2.5%	1.7%	3.0%	2.6%	-1.1%	-2.2%	2.4%
Current ratio	1.95×	1.57×	1.54×	1.7×	1.73×	1.98×	1.64×	1.64×
Debt / equity	0.6×	1.12×	1.07×	0.57×	0.58×	0.51×	0.51×	0.5×
Interest coverage	3×	2.55×	2.5×	3.67×	2.3×	0.26×	0.98×	2.4×
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	10.8%	11.0%	6.5%	11.2%	7.6%	-2.7%	-5.7%	6.0%
Return on invested capital	8.2%	7.6%	4.9%	9.2%	6.4%	0.6%	3.3%	6.6%
Return on assets	5.5%	4.2%	2.7%	5.0%	3.6%	-1.4%	-2.8%	2.9%
Free cash flow yield	2.4%	-11.0%	-20.6%	-1.2%	-15.8%	12.3%	-1.9%	-11.0%
Earnings yield	3.4%	2.8%	3.4%	10.4%	12.2%	-7.0%	-16.7%	12.9%
Enterprise value	₹2.8B	₹2.4B	₹1.2B	₹618.7M	₹374.5M	₹257.1M	₹251.3M	₹299.1M
Net debt / EBITDA	1.69×	3.35×	4.58×	2.23×	3.44×	7.01×	8.73×	2.59×
Cash conversion cycle (days)	86	116	129	113	167	193	174	174