Epuja Spiritech Ltd (EPUJA.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

+15.4%

₹1.06

vs ₹0.92 price

Levered DCF

-₹0.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.38

Safe zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.1×	196.69×	-37.73×	304.72×	87.19×	47.5×	31.9×	91.53×
P/B	1.34×	1.55×	1.38×	2.06×	3.19×	6.34×	5.18×	12.34×
P/S	11.86×	3.52×	5.94×	2.7×	4.15×	6.56×	3.18×	5.77×
EV / EBITDA	-2.09×	119.75×	-17.78×	-61.42×	471.07×	164.89×	32.52×	65.57×
Gross margin	-264.9%	25.7%	2.4%	6.8%	8.7%	17.8%	12.7%	6.4%
Operating margin	-559.7%	3.0%	-35.7%	-4.5%	4.8%	14.2%	9.8%	5.1%
Net margin	-564.1%	1.8%	-15.8%	0.9%	4.8%	14.2%	9.8%	6.2%
Current ratio	13.64×	34.39×	11.99×	11.94×	2.94×	1.8×	81.56×	4.82×
Debt / equity	0.02×	0.05×	0.1×	0.04×	0.04×	0×	0.01×	0.02×
Interest coverage	-5,476.21×	17.85×	-5,045×	-1,539.01×	104.95×	373.6×	1,748.94×	415.3×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%	0.4%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	9.8%	14.6%	13.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-64.0%	0.8%	-3.7%	0.7%	3.7%	13.7%	15.9%	13.2%
Return on invested capital	-62.4%	1.2%	-7.5%	-2.8%	3.7%	26.7%	11.9%	7.1%
Return on assets	-59.5%	0.7%	-3.0%	0.5%	2.5%	13.5%	11.7%	6.8%
Free cash flow yield	-28.8%	-11.8%	-3.4%	-4.0%	0.1%	-0.2%	-3.4%	1.8%
Earnings yield	-47.6%	0.5%	-2.7%	0.3%	1.1%	2.2%	3.1%	1.1%
Enterprise value	₹217.9M	₹310.4M	₹89.1M	₹132.1M	₹201.6M	₹381M	₹268.7M	₹541.8M
Net debt / EBITDA	0.03×	2.35×	-1.04×	-1.12×	4.99×	-0.15×	-0.03×	-1.13×
Cash conversion cycle (days)	1,034	714	1,399	404	670	228	52	188