India Power Corporation Limited (DPSCLTD.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

+112.0%

₹13.57

vs ₹6.40 price

Levered DCF

₹27.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.71

Distress zone

Rating

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	88.5×	170.5×	89.72×	103.5×	137.95×	68.53×	73.3×	139×
P/B	1.27×	1.36×	1.55×	1.62×	1.55×	1.12×	0.6×	1.89×
P/S	1.66×	1.93×	2.42×	2.62×	3.88×	3.6×	2.03×	4.55×
EV / EBITDA	17.14×	18.9×	20.27×	21.45×	29.49×	24.12×	12.81×	18.61×
Gross margin	2.5%	5.5%	23.6%	12.9%	-3.7%	14.3%	28.8%	29.9%
Operating margin	-4.7%	-5.3%	1.1%	-5.9%	-9.6%	7.8%	4.2%	12.2%
Net margin	1.9%	1.1%	2.6%	2.5%	2.8%	5.1%	2.8%	3.4%
Current ratio	0.84×	0.92×	1.01×	0.91×	1.05×	1.18×	1.04×	1.32×
Debt / equity	0.14×	0.18×	0.21×	0.28×	0.24×	0.18×	0.22×	0.4×
Interest coverage	-1.7×	-1.21×	0.22×	-0.96×	-1.59×	1.05×	0.45×	0.64×
Dividend yield	0.2%	0.2%	0.1%	0.1%	0.1%	0.1%	0.3%	0.1%
Payout ratio	17.9%	32.6%	13.3%	14.4%	14.9%	8.7%	20.8%	17.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.4%	0.8%	1.7%	1.6%	1.1%	1.6%	0.8%	1.4%
Return on invested capital	-1.9%	-2.0%	0.4%	-1.7%	-1.9%	1.8%	0.5%	2.5%
Return on assets	0.7%	0.4%	0.8%	0.8%	0.7%	1.0%	0.5%	0.7%
Free cash flow yield	4.5%	5.1%	4.6%	3.6%	-1.0%	0.5%	6.8%	7.2%
Earnings yield	1.1%	0.6%	1.1%	1.0%	0.7%	1.4%	1.4%	0.7%
Enterprise value	₹12.3B	₹13.5B	₹17.8B	₹19.1B	₹24.5B	₹21.3B	₹12.9B	₹26.6B
Net debt / EBITDA	1.33×	2.13×	2.41×	3.1×	3.93×	3.35×	3.15×	3.24×
Cash conversion cycle (days)	-27	-14	125	82	174	-17	-49	-33