Ethos Limited (ETHOSLTD.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

-2.9%

₹2,559.91

vs ₹2,636.00 price

Levered DCF

₹4,041.55

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 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	60.3×	64.47×	76.33×	37.41×	63.29×	307.7×	-1,070.8×	189.41×
P/B	3.84×	6.11×	6.95×	3.45×	6.39×	9.4×	9.49×	14.38×
P/S	3.54×	4.79×	6.15×	2.76×	2.56×	3.78×	3.11×	4.23×
EV / EBITDA	23.8×	29.19×	35.38×	17.57×	20.27×	28.19×	29.15×	34.62×
Gross margin	16.1%	30.0%	29.6%	30.4%	28.5%	27.0%	27.9%	28.8%
Operating margin	7.3%	10.2%	11.2%	11.5%	8.0%	3.0%	6.0%	8.3%
Net margin	5.9%	7.7%	8.3%	7.6%	4.1%	1.2%	-0.3%	2.2%
Current ratio	5.62×	4.96×	5.06×	4.27×	2.06×	1.73×	1.58×	1.5×
Debt / equity	0.22×	0.29×	0.16×	0.19×	0.7×	0.9×	1.16×	1.14×
Interest coverage	4.35×	6.54×	5.1×	4.49×	2.17×	0.58×	1.16×	1.91×
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	6.4%	9.8%	9.4%	9.5%	10.1%	3.1%	-0.9%	7.6%
Return on invested capital	4.4%	7.4%	8.1%	8.9%	8.7%	2.7%	-5.6%	7.9%
Return on assets	4.3%	6.8%	7.1%	6.9%	4.6%	1.2%	-0.3%	2.7%
Free cash flow yield	0.7%	-1.7%	-0.1%	-2.7%	-0.5%	3.7%	1.6%	-0.8%
Earnings yield	1.7%	1.6%	1.4%	2.8%	1.6%	0.3%	-0.1%	0.5%
Enterprise value	₹58.9B	₹62.6B	₹62.3B	₹22.7B	₹16B	₹15.8B	₹15.9B	₹20.2B
Net debt / EBITDA	0.72×	1.21×	0.48×	0.72×	1.56×	2.17×	3.02×	2.43×
Cash conversion cycle (days)	153	215	188	165	154	180	169	167