Emerald Leasing Finance and Investment Company Limited (EMERALD.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

+109.5%

₹108.63

vs ₹51.85 price

Levered DCF

-₹392.55

After debt service

Piotroski score

—

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.55×	40.29×	25.88×	20.77×	19.35×	8.08×	5.99×	9.13×
P/B	1.58×	4.14×	2.28×	1.63×	1.26×	0.7×	0.52×	0.78×
P/S	4.89×	16.21×	8.02×	6.25×	5.64×	2.07×	0.99×	1.61×
EV / EBITDA	8.13×	28.73×	21.22×	14.92×	15.92×	4.92×	5.21×	4.44×
Gross margin	87.0%	68.9%	56.3%	58.8%	52.5%	50.5%	31.2%	32.9%
Operating margin	65.8%	55.8%	44.7%	43.9%	42.0%	37.4%	22.5%	24.6%
Net margin	46.4%	41.2%	31.0%	30.0%	29.2%	25.6%	16.5%	17.7%
Current ratio	0.93×	25.68×	24.87×	13.42×	7.86×	6.68×	11.15×	15.79×
Debt / equity	0.18×	0.18×	0.31×	0.12×	0.23×	0.17×	0.17×	0.07×
Interest coverage	0×	0×	155.39×	95.17×	91.95×	26.39×	200.25×	0×
Dividend yield	0.2%	0.2%	0.3%	0.4%	0.6%	1.6%	0.0%	0.0%
Payout ratio	2.1%	6.1%	7.3%	8.7%	11.7%	12.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	10.5%	8.8%	7.8%	6.5%	8.6%	8.7%	8.5%
Return on invested capital	12.6%	8.7%	7.0%	7.6%	5.8%	7.8%	7.7%	8.0%
Return on assets	12.0%	8.4%	6.4%	6.6%	5.4%	6.2%	6.6%	7.4%
Free cash flow yield	11.2%	-3.9%	-11.0%	2.0%	-48.4%	22.8%	-48.3%	-46.3%
Earnings yield	9.5%	2.5%	3.9%	4.8%	5.2%	12.4%	16.6%	11.0%
Enterprise value	₹1.7B	₹3.5B	₹1.2B	₹709.1M	₹545.1M	₹98.6M	₹87.4M	₹74.4M
Net debt / EBITDA	0.69×	-0.16×	2.41×	-0.23×	1.97×	-0.7×	0.59×	-2.01×
Cash conversion cycle (days)	33	1,401	1,553	1,362	1,552	1,136	804	612