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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
+172.7%
₹1,444.82
vs ₹529.80 price
Levered DCF
₹2,253.71
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
—
Rating
B-
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E34.2×43.16×60.05×37.75×49.7×58.64×41.44×38.47×
P/B6.59×8.1×11.62×10.2×8.59×6.91×2.29×5.14×
P/S3.72×4.31×5.82×4.6×3.51×3.12×0.96×2.13×
EV / EBITDA21.1×27.89×38.98×33.04×31.03×32×15.57×20.72×
Gross margin29.2%50.2%50.3%48.4%45.0%45.3%45.0%43.3%
Operating margin12.5%28.7%27.9%27.8%23.9%20.2%19.8%21.7%
Net margin10.9%10.0%9.7%12.2%7.1%5.3%2.3%5.5%
Current ratio2.08×2.1×1.92×1.79×1.65×1.51×1.42×1.58×
Debt / equity0.24×0.31×0.4×0.42×0.42×0.53×0.58×0.31×
Interest coverage19.42×29.24×26.4×34.97×46.36×25.95×21.05×36.79×
Dividend yield0.5%0.4%0.3%0.3%0.3%0.0%3.1%0.5%
Payout ratio16.1%18.0%20.3%9.8%14.2%0.2%129.8%18.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity19.3%18.8%19.4%27.0%17.3%11.8%5.5%13.4%
Return on invested capital13.2%29.7%27.9%30.9%27.5%19.3%17.9%28.2%
Return on assets12.1%11.5%11.1%14.8%9.1%5.8%2.7%7.4%
Free cash flow yield2.3%2.1%1.3%0.7%0.3%3.5%-0.5%3.0%
Earnings yield2.9%2.3%1.7%2.7%2.0%1.7%2.4%2.6%
Enterprise value₹145.3B₹148.2B₹191.3B₹144.4B₹91.9B₹63.5B₹21.6B₹41.3B
Net debt / EBITDA-0.27×-0.56×0.83×1.03×1.08×1.7×2.91×0.84×
Cash conversion cycle (days)1011221341351139712186