Evans Electric Ltd. (EVANS.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

-62.6%

₹26.31

vs ₹70.40 price

Levered DCF

₹57.00

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

8.66

Safe zone

Rating

Overall 3 / 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	-89.74×	9.78×	5.76×	3.88×	8.08×	33.77×	12.85×	2.26×
P/B	1.55×	2.82×	1.5×	0.95×	0.57×	1.79×	1.25×	0.33×
P/S	3.31×	2.92×	1.42×	0.74×	0.91×	2.05×	1.82×	0.41×
EV / EBITDA	46.7×	6.94×	3.94×	2.29×	3.18×	14.49×	5.42×	-0.49×
Gross margin	34.8%	90.6%	68.3%	62.4%	42.9%	38.8%	45.5%	37.6%
Operating margin	-3.4%	36.7%	30.1%	23.3%	15.4%	8.3%	18.5%	22.2%
Net margin	-3.7%	29.8%	24.7%	19.1%	11.2%	6.1%	14.2%	18.2%
Current ratio	5.98×	2.18×	2.15×	2.85×	3.56×	4.2×	4.66×	5.19×
Debt / equity	0.03×	0×	0.02×	0×	0.06×	0.01×	0.01×	0×
Interest coverage	-1.28×	28.28×	24.46×	54.49×	8.14×	6.47×	21.42×	37.37×
Dividend yield	2.1%	1.1%	1.9%	1.9%	2.4%	1.4%	4.0%	0.0%
Payout ratio	-191.2%	10.9%	10.8%	7.5%	19.7%	47.4%	51.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.7%	28.8%	26.0%	24.4%	7.1%	5.3%	9.7%	14.8%
Return on invested capital	5.1%	26.7%	24.5%	21.5%	6.3%	4.9%	8.6%	12.6%
Return on assets	-1.5%	21.7%	20.5%	21.7%	6.0%	4.6%	8.5%	12.9%
Free cash flow yield	7.0%	0.2%	10.8%	42.1%	17.4%	-0.4%	-2.9%	22.8%
Earnings yield	-1.1%	10.2%	17.3%	25.8%	12.4%	3.0%	7.8%	44.1%
Enterprise value	₹329.7M	₹735.6M	₹271.7M	₹114.9M	₹48.3M	₹174.6M	₹102.5M	-₹10M
Net debt / EBITDA	-8.04×	-0.04×	-0.3×	-0.54×	-1.2×	-1.74×	-1.6×	-1.83×
Cash conversion cycle (days)	112	-191	3	1	161	104	127	94