Dutron Polymers Limited (DUTRON.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

+15.8%

₹118.12

vs ₹102.00 price

Levered DCF

₹61.13

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

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	21.46×	24.99×	35.8×	29.09×	27.95×	35.54×	26.39×	33.84×
P/B	1.87×	2.33×	3.32×	3.02×	3.52×	3.86×	2.7×	4.18×
P/S	0.63×	0.65×	0.73×	0.57×	0.65×	0.86×	0.58×	0.67×
EV / EBITDA	13.01×	14.87×	16.8×	13.81×	15.78×	16.39×	12.57×	17.93×
Gross margin	5.6%	13.8%	11.8%	10.5%	10.0%	12.5%	13.0%	10.9%
Operating margin	3.7%	6.2%	3.3%	3.6%	3.5%	4.2%	4.0%	3.6%
Net margin	2.9%	2.6%	2.1%	2.0%	2.3%	2.4%	2.2%	2.0%
Current ratio	5.3×	6.09×	11.6×	6.98×	6.4×	8.4×	7.96×	5.69×
Debt / equity	0.12×	0.16×	0.24×	0.39×	0.58×	0.63×	0.75×	0.98×
Interest coverage	6.99×	11.15×	4.53×	3.74×	4.04×	2.76×	2.33×	2.33×
Dividend yield	1.6%	1.3%	1.0%	1.1%	1.0%	0.9%	1.4%	1.2%
Payout ratio	33.3%	33.0%	34.3%	32.6%	29.0%	31.6%	36.6%	40.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.7%	9.3%	9.3%	10.4%	12.6%	10.9%	10.2%	12.4%
Return on invested capital	7.3%	14.0%	7.8%	9.5%	9.1%	8.6%	7.4%	7.8%
Return on assets	6.5%	6.7%	6.7%	6.5%	6.8%	5.9%	5.1%	5.4%
Free cash flow yield	-2.9%	6.3%	5.1%	10.0%	0.9%	6.7%	3.9%	9.2%
Earnings yield	4.7%	4.0%	2.8%	3.4%	3.6%	2.8%	3.8%	3.0%
Enterprise value	₹563.6M	₹695.5M	₹932.2M	₹829.7M	₹928.8M	₹912.8M	₹659.8M	₹871.1M
Net debt / EBITDA	-0.38×	0.32×	1.01×	1.32×	2.02×	1.84×	2.68×	3.35×
Cash conversion cycle (days)	95	74	73	65	81	97	105	96