Eternal Limited (ETERNAL.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

-532.2%

-₹1,507.03

vs ₹348.70 price

Levered DCF

-₹1,515.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

15.76

Safe zone

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	572.45×	320.65×	450×	-42.5×	-49.28×	-98.44×	-41.72×	-102.44×
P/B	6.76×	5.62×	7.74×	2.12×	3.6×	9.9×	139.27×	38.02×
P/S	3.85×	8.41×	13.04×	5.87×	14.44×	41.83×	41.21×	76.25×
EV / EBITDA	81.64×	100.14×	178.17×	-78.2×	-55.81×	-119.48×	-43.12×	-102.82×
Gross margin	18.4%	72.5%	76.2%	80.2%	85.9%	90.0%	95.5%	98.7%
Operating margin	-0.7%	-1.1%	-4.0%	-22.5%	-49.7%	-31.5%	-99.2%	-175.9%
Net margin	0.7%	2.6%	2.9%	-13.8%	-29.3%	-42.4%	-98.7%	-74.5%
Current ratio	2.77×	3.52×	2.62×	7.52×	10.6×	8.02×	1.75×	4.21×
Debt / equity	0.15×	0.07×	0.04×	0.03×	0×	0.01×	0.1×	0.04×
Interest coverage	-0.99×	-1.47×	-6.72×	-32.55×	-170.54×	-70.07×	-215.73×	-262.45×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.2%	1.7%	1.7%	-5.0%	-7.3%	-10.0%	-333.5%	-37.1%
Return on invested capital	-0.6%	-0.5%	-2.3%	-7.5%	-12.3%	-7.3%	-108.4%	-83.4%
Return on assets	0.9%	1.5%	1.5%	-4.5%	-7.0%	-9.3%	-81.6%	-28.3%
Free cash flow yield	-0.5%	-0.4%	0.3%	-2.3%	-1.3%	-1.3%	-2.2%	-1.8%
Earnings yield	0.2%	0.3%	0.2%	-2.4%	-2.0%	-1.0%	-2.4%	-1.0%
Enterprise value	₹2.1T	₹1.7T	₹1.6T	₹416B	₹591.6B	₹799.1B	₹987.6B	₹987.4B
Net debt / EBITDA	1.18×	0.8×	0.49×	-0.54×	0.3×	0.35×	0.04×	0.11×
Cash conversion cycle (days)	5	-38	-51	-107	-182	-508	-869	-8,212