eMudhra Limited (EMUDHRA.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

-299.0%

-₹696.57

vs ₹349.95 price

Levered DCF

₹916.33

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 3 / 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	28.47×	79.55×	75.73×	25.73×	43.71×	103.57×	108.82×	115.65×
P/B	3.37×	9.04×	8.66×	4.05×	11.84×	16.86×	19.64×	26.62×
P/S	4.37×	12.97×	15.24×	6.38×	9.91×	13.75×	15.54×	19.82×
EV / EBITDA	18.93×	53.52×	46.94×	16.69×	27.45×	45.45×	57.09×	67.02×
Gross margin	28.1%	34.3%	71.7%	62.1%	57.6%	56.4%	55.6%	56.2%
Operating margin	18.0%	19.5%	26.0%	28.9%	29.7%	23.7%	20.7%	23.7%
Net margin	15.4%	16.3%	20.1%	24.8%	22.7%	13.3%	14.3%	17.2%
Current ratio	2.76×	4.38×	5.8×	4.43×	1.3×	1.32×	1.53×	1.67×
Debt / equity	0.03×	0×	0.01×	0.06×	0.44×	0.48×	0.45×	0.35×
Interest coverage	24.9×	87.49×	32.3×	21.26×	11.91×	37.05×	36.02×	91.05×
Dividend yield	0.3%	0.2%	0.2%	0.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	9.4%	11.9%	12.5%	15.4%	0.7%	3.8%	3.6%	3.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.8%	11.4%	11.4%	15.8%	27.1%	16.3%	18.1%	23.1%
Return on invested capital	9.9%	10.7%	11.7%	14.2%	19.6%	14.6%	14.4%	18.2%
Return on assets	8.9%	9.7%	10.0%	13.4%	16.0%	9.1%	10.5%	14.6%
Free cash flow yield	-1.7%	0.3%	-0.0%	-1.8%	-1.4%	0.3%	0.0%	-1.1%
Earnings yield	3.5%	1.3%	1.3%	3.9%	2.3%	1.0%	0.9%	0.9%
Enterprise value	₹30.4B	₹66.3B	₹54.7B	₹15.5B	₹18.7B	₹18.5B	₹18.4B	₹20.4B
Net debt / EBITDA	-0.19×	-0.82×	-1.87×	-0.45×	0.86×	1.07×	1×	0.8×
Cash conversion cycle (days)	60	125	102	115	83	62	72	67