Dredging Corporation of India Limited (DREDGECORP.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

-916.6%

-₹6,987.54

vs ₹855.70 price

Levered DCF

-₹5,755.30

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.29

Distress zone

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	145.56×	-59.14×	60.22×	-4.04×	247.56×	-6.02×	73.83×	31.48×
P/B	0.56×	1.33×	1.58×	0.64×	0.62×	0.74×	0.26×	0.76×
P/S	0.57×	1.42×	2.12×	0.68×	1.1×	1.38×	0.56×	1.81×
EV / EBITDA	6.61×	15.28×	12.27×	-45.3×	9.88×	-42.84×	6.3×	10.17×
Gross margin	46.4%	69.5%	77.0%	4.1%	74.5%	71.7%	99.1%	98.6%
Operating margin	7.4%	-1.0%	6.4%	-15.0%	-0.3%	-19.2%	3.6%	9.6%
Net margin	0.4%	-2.4%	3.8%	-16.9%	0.4%	-22.9%	0.8%	5.8%
Current ratio	0.96×	0.98×	0.78×	0.8×	0.87×	1.17×	1.72×	2.08×
Debt / equity	0.88×	0.76×	0.44×	0.31×	0.26×	0.31×	0.38×	0.41×
Interest coverage	1.01×	-0.31×	2.17×	-7.87×	-0.2×	-7.73×	1.52×	3.43×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.1%	0.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	152.4%	14.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.4%	-2.2%	2.8%	-16.0%	0.3%	-12.3%	0.4%	2.4%
Return on invested capital	2.8%	-0.5%	3.1%	-10.1%	-0.1%	-7.8%	0.5%	2.5%
Return on assets	0.2%	-1.0%	1.5%	-8.4%	0.2%	-7.6%	0.2%	1.5%
Free cash flow yield	-31.3%	-22.6%	-5.0%	-3.8%	10.7%	16.7%	28.8%	12.0%
Earnings yield	0.7%	-1.7%	1.8%	-24.8%	0.4%	-16.6%	1.4%	3.2%
Enterprise value	₹16.4B	₹25B	₹25.1B	₹11.4B	₹11.6B	₹14.3B	₹9.3B	₹17.6B
Net debt / EBITDA	3.81×	5.35×	2.49×	-13.88×	2.36×	-11.65×	3.54×	3.27×
Cash conversion cycle (days)	63	-31	-136	2	-54	-60	4,634	2,590