Esaar (India) Ltd. (ESARIND.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

+1105.0%

₹120.50

vs ₹10.00 price

Levered DCF

-₹595.48

After debt service

Piotroski score

4 / 9

Average

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	1.46×	-9.82×	-29.67×	2.32×	0.47×	2.76×	0.97×	8.93×
P/B	0.41×	0.94×	0.44×	0.19×	0.23×	0.22×	0.12×	0.18×
P/S	0.39×	1.49×	1.39×	0.44×	1.09×	0.19×	0.14×	0.03×
EV / EBITDA	3.64×	18.91×	7.16×	9.65×	5.8×	35.92×	-6.89×	25.77×
Gross margin	75.8%	96.7%	95.6%	61.9%	79.4%	82.7%	20.1%	1.8%
Operating margin	63.0%	-2.0%	-17.1%	99.4%	281.5%	4.1%	-62.0%	0.9%
Net margin	26.7%	-15.2%	-4.6%	23.3%	233.4%	6.8%	14.8%	0.3%
Current ratio	0.17×	1.04×	0.5×	1.41×	22.43×	4.48×	2.58×	2.37×
Debt / equity	1.19×	2.32×	1.27×	2.39×	3.27×	1.53×	3.49×	1.5×
Interest coverage	2.71×	-0.06×	-0.26×	2.62×	9.64×	15,636.41×	0×	1,626.7×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	28.2%	-9.6%	-1.5%	10.0%	49.8%	8.0%	12.4%	2.1%
Return on invested capital	21.7%	-0.3%	1.4%	9.7%	13.8%	1.0%	-11.4%	2.3%
Return on assets	9.3%	-2.1%	-0.5%	2.8%	16.4%	2.6%	3.4%	0.8%
Free cash flow yield	0.0%	-23.5%	-0.0%	-504.3%	-302.3%	-283.6%	-2353.5%	-6.3%
Earnings yield	68.6%	-10.2%	-3.3%	52.4%	214.1%	36.0%	103.4%	11.4%
Enterprise value	₹575.6M	₹760.4M	₹564.5M	₹1.1B	₹1.5B	₹337.1M	₹510.9M	₹224.6M
Net debt / EBITDA	2.61×	13.44×	5.32×	8.93×	5.42×	31.35×	-6.66×	22.63×
Cash conversion cycle (days)	-525	-4,757	-23,893	-88	3,067	294	329	76