DHP India Limited (DHPIND.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

+343.8%

₹2,125.77

vs ₹479.00 price

Levered DCF

₹343.94

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 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	12.29×	2.34×	7.94×	11.2×	5.9×	4.81×	23.24×	14.02×
P/B	0.57×	0.65×	0.97×	1.52×	1.4×	1.02×	1.05×	2.39×
P/S	1.88×	2.73×	4.57×	2.78×	2.02×	1.8×	1.29×	2.53×
EV / EBITDA	8.43×	-0.3×	6.18×	7.37×	4.29×	3.62×	7.99×	9.36×
Gross margin	30.3%	15.1%	38.6%	36.4%	35.8%	38.3%	45.9%	43.6%
Operating margin	18.1%	10.2%	8.3%	32.5%	29.8%	30.4%	19.8%	23.2%
Net margin	15.3%	116.5%	57.6%	24.8%	34.3%	37.5%	5.6%	18.0%
Current ratio	17.57×	18.68×	21.05×	34.74×	16.06×	12.41×	8.49×	8.33×
Debt / equity	0.03×	0.02×	0.02×	0×	0×	0.01×	0.03×	0.04×
Interest coverage	25.12×	19.44×	22.06×	195.79×	169.65×	116.95×	40.24×	59.78×
Dividend yield	0.9%	0.8%	0.6%	0.5%	0.6%	0.7%	1.3%	0.4%
Payout ratio	10.9%	1.8%	4.5%	5.1%	3.4%	3.2%	29.2%	6.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.7%	27.9%	12.2%	13.6%	23.7%	21.2%	4.5%	17.1%
Return on invested capital	3.9%	2.0%	1.4%	12.9%	15.5%	13.7%	7.8%	15.1%
Return on assets	4.4%	26.6%	11.3%	13.0%	22.0%	19.3%	4.1%	15.4%
Free cash flow yield	7.6%	-3.7%	-0.7%	12.7%	-1.6%	4.1%	17.4%	4.8%
Earnings yield	8.1%	42.7%	12.6%	8.9%	17.0%	20.8%	4.3%	7.1%
Enterprise value	₹1.4B	-₹247.4M	₹2.1B	₹2.6B	₹2.1B	₹1.1B	₹669.7M	₹1.7B
Net debt / EBITDA	0.36×	-2.18×	0.07×	-0.15×	-0.03×	-0.05×	-0.58×	0.15×
Cash conversion cycle (days)	198	194	364	166	206	218	138	129