Dolfin Rubbers Limited (DOLFIN.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

-200.6%

-₹169.43

vs ₹168.45 price

Levered DCF

₹4.56

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	30.83×	39.73×	31.49×	35.94×	42.36×	41.91×	46.33×	63.76×
P/B	4.39×	6.1×	5.28×	4.52×	4.14×	6.04×	6.75×	7.91×
P/S	1.01×	1.42×	1.19×	1.1×	1.08×	1.44×	1.55×	1.7×
EV / EBITDA	20.92×	22.5×	17.98×	19.04×	17.95×	26.89×	29.75×	34.84×
Gross margin	20.7%	37.0%	35.7%	23.6%	25.4%	22.1%	36.1%	34.6%
Operating margin	4.2%	5.4%	-2.3%	5.2%	5.3%	4.9%	4.5%	4.1%
Net margin	3.3%	3.6%	3.8%	3.3%	3.4%	3.4%	3.3%	2.7%
Current ratio	1.78×	1.77×	1.82×	1.73×	1.69×	1.74×	1.75×	1.77×
Debt / equity	0.48×	0.54×	0.52×	0.53×	0.48×	0.56×	0.25×	0.12×
Interest coverage	6.58×	8.14×	-2.76×	6.18×	6.05×	44.55×	0×	0×
Dividend yield	0.0%	0.0%	0.8%	0.0%	1.0%	0.6%	0.0%	0.0%
Payout ratio	0.0%	0.0%	25.4%	0.0%	32.2%	26.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.2%	15.3%	16.8%	13.4%	13.0%	14.4%	14.6%	12.4%
Return on invested capital	7.9%	8.5%	-3.8%	7.9%	7.9%	7.8%	10.0%	9.4%
Return on assets	6.7%	7.0%	7.6%	5.7%	6.0%	7.0%	8.3%	7.4%
Free cash flow yield	-0.4%	0.7%	0.8%	-1.7%	-1.5%	-1.9%	-1.7%	-4.1%
Earnings yield	3.2%	2.5%	3.2%	3.0%	3.1%	2.4%	2.2%	1.6%
Enterprise value	₹1.9B	₹2.2B	₹1.6B	₹1.2B	₹993.6M	₹1.3B	₹1.2B	₹1.2B
Net debt / EBITDA	1.97×	1.82×	1.6×	1.98×	1.83×	2.25×	1.02×	0.49×
Cash conversion cycle (days)	106	138	114	99	103	80	52	54