Dipna Pharmachem Limited (DPL.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

-138050.6%

-₹5,766.34

vs ₹4.18 price

Levered DCF

-₹8,412.14

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	0.37×	0.34×	0.24×	48.27×	41.75×	2,012.05×	-2.14×	3.55×
P/B	0.01×	0.02×	0.97×	0.02×	0.02×	0.03×	0.09×	0.09×
P/S	0.07×	0.39×	0.22×	0.44×	0.67×	1.57×	2.51×	0.17×
EV / EBITDA	42.58×	43.79×	12.18×	147.94×	14.52×	261.01×	-5.3×	3.14×
Gross margin	46.7%	9.0%	3.9%	4.4%	5.7%	4.5%	21.7%	5.9%
Operating margin	39.4%	2.7%	2.1%	2.3%	3.0%	1.3%	-98.1%	-1.7%
Net margin	20.0%	115.4%	93.2%	542.9%	493.6%	749.2%	-117.5%	4.7%
Current ratio	5.16×	0.92×	1.6×	14.19×	15.32×	0.72×	5.41×	15.93×
Debt / equity	0.29×	0.1×	0.52×	0.14×	0×	0.05×	0.07×	0.05×
Interest coverage	0×	1.7×	0.25×	2.41×	3.63×	1.33×	-6.79×	-0.53×
Dividend yield	89.0%	35.7%	48.3%	31.9%	18.0%	3.6%	14.4%	12.6%
Payout ratio	32.7%	12.1%	11.4%	2.6%	2.4%	0.8%	-30.9%	44.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.8%	4.5%	408.0%	20.6%	17.4%	14.5%	-4.4%	2.4%
Return on invested capital	2.9%	34.5%	0.1%	0.0%	0.1%	0.0%	-2.5%	-0.8%
Return on assets	1.9%	108.9%	115.2%	15.4%	14.6%	12.3%	-3.7%	2.1%
Free cash flow yield	-2457.9%	-18.8%	-15.0%	-47.7%	5.8%	-5.0%	79.3%	73.3%
Earnings yield	271.9%	294.0%	422.3%	1234.3%	738.0%	477.3%	-46.8%	28.1%
Enterprise value	₹8.8B	₹1.5B	₹418.2M	₹3.5B	₹317.9M	₹948.8M	₹2B	₹1.8B
Net debt / EBITDA	40.96×	29.56×	1.62×	129.24×	-7.71×	127.15×	-2.13×	1.06×
Cash conversion cycle (days)	10	13	55	-132	229	515	213	75