Dhunseri Ventures Limited (DVL.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

-143.6%

-₹117.18

vs ₹268.55 price

Levered DCF

-₹2,920.18

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

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	7.22×	7.96×	7.72×	1.41×	2.24×	1.49×	-2.97×	10.05×
P/B	0.2×	0.36×	0.4×	0.29×	0.39×	0.22×	0.13×	0.24×
P/S	1.77×	1.96×	3.36×	3.7×	3.36×	2.81×	3.49×	0.47×
EV / EBITDA	7.33×	11.05×	6.51×	1.43×	1.86×	1.27×	-6.54×	6.95×
Gross margin	19.0%	47.6%	14.4%	9.6%	25.5%	57.4%	21.7%	5.9%
Operating margin	-23.5%	37.6%	7.3%	-6.5%	18.1%	73.1%	-98.1%	-1.7%
Net margin	24.5%	24.7%	43.6%	262.7%	150.2%	189.2%	-117.5%	4.7%
Current ratio	5.16×	6.55×	4.05×	7.61×	6.3×	9.59×	5.41×	15.93×
Debt / equity	0.29×	0.12×	0.13×	0.14×	0.06×	0.05×	0.07×	0.05×
Interest coverage	-1.33×	7.48×	1.86×	-2.32×	7.95×	18.61×	-6.79×	-0.53×
Dividend yield	4.5%	1.5%	1.5%	1.8%	1.1%	0.5%	10.4%	4.5%
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%	5.2%	20.6%	17.4%	14.5%	-4.4%	2.4%
Return on invested capital	-1.4%	3.9%	0.5%	-0.3%	1.4%	4.0%	-2.5%	-0.8%
Return on assets	1.9%	3.5%	3.9%	15.4%	14.6%	12.3%	-3.7%	2.1%
Free cash flow yield	-97.8%	-39.5%	-7.8%	-28.2%	-13.2%	-2.8%	57.1%	25.9%
Earnings yield	13.9%	12.6%	12.9%	71.0%	44.7%	67.3%	-33.7%	10.0%
Enterprise value	₹15B	₹13.2B	₹15.3B	₹10.7B	₹8.9B	₹3.9B	₹2.4B	₹3.9B
Net debt / EBITDA	4.12×	1.43×	1.49×	0.41×	0.18×	0.15×	-2.13×	1.06×
Cash conversion cycle (days)	15	15	19	26	87	118	213	75