Dodla Dairy Limited (DODLA.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

+17.3%

₹1,208.83

vs ₹1,030.70 price

Levered DCF

₹2,143.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

10.37

Safe zone

Rating

A-

Overall 4 / 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	21.94×	26.33×	29.79×	22.57×	19.94×	27.13×	68.07×	54.12×
P/B	3.5×	4.87×	4.36×	2.84×	3.14×	5.19×	7.83×	8.36×
P/S	1.42×	1.84×	1.59×	0.98×	1.18×	1.76×	1.59×	2.01×
EV / EBITDA	18.41×	17.85×	15.5×	12.62×	11.32×	13.18×	23.8×	24.92×
Gross margin	18.7%	27.4%	17.2%	14.4%	26.3%	29.5%	20.3%	21.5%
Operating margin	5.5%	23.1%	7.1%	4.9%	7.3%	10.1%	4.4%	5.8%
Net margin	6.5%	7.0%	5.3%	4.3%	5.9%	6.5%	2.3%	3.7%
Current ratio	2.44×	3.71×	2.7×	2.2×	2.15×	2.07×	0.99×	1.07×
Debt / equity	0.03×	0.03×	0.04×	0.03×	0.02×	0.15×	0.37×	0.41×
Interest coverage	67.62×	232.38×	77.73×	64.51×	21.95×	15.29×	5.54×	8.61×
Dividend yield	0.2%	0.3%	0.0%	0.0%	0.0%	0.3%	0.5%	0.0%
Payout ratio	4.5%	7.0%	0.0%	0.0%	0.0%	8.5%	36.5%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.9%	18.5%	14.6%	12.6%	15.8%	19.1%	11.5%	15.4%
Return on invested capital	12.0%	42.2%	12.5%	10.7%	14.5%	16.3%	8.9%	10.8%
Return on assets	12.7%	15.0%	11.3%	9.8%	12.2%	13.0%	6.2%	8.3%
Free cash flow yield	2.5%	6.0%	-2.2%	1.9%	3.8%	5.5%	2.1%	1.1%
Earnings yield	4.6%	3.8%	3.4%	4.4%	5.0%	3.7%	1.5%	1.8%
Enterprise value	₹56.8B	₹68B	₹49.1B	₹27.2B	₹25.5B	₹32.9B	₹34.9B	₹35.4B
Net debt / EBITDA	-0.59×	-0.12×	-0.18×	-0.2×	-0.43×	-0.5×	0.62×	1.02×
Cash conversion cycle (days)	-2	2	35	1	14	4	11	19