FDC Limited (FDC.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

+14.1%

₹441.35

vs ₹386.95 price

Levered DCF

₹432.70

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

8.69

Safe zone

Rating

Overall 4 / 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	18.57×	24.47×	23.34×	21.96×	20.05×	16.13×	13.98×	16.96×
P/B	2.1×	2.86×	3.4×	2.15×	2.22×	2.8×	2.17×	1.99×
P/S	2.41×	3.1×	3.68×	2.39×	2.84×	3.66×	2.51×	2.66×
EV / EBITDA	11.83×	15.64×	16.17×	14.18×	13.14×	11.29×	9.23×	10.47×
Gross margin	42.3%	39.6%	33.6%	63.2%	64.1%	67.8%	67.3%	67.1%
Operating margin	13.2%	12.9%	15.7%	12.1%	14.5%	22.3%	20.0%	18.2%
Net margin	13.0%	12.7%	15.8%	10.9%	14.2%	22.7%	17.9%	15.7%
Current ratio	3.11×	3.01×	3.43×	3.3×	3.68×	4.58×	3.76×	4.13×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.02×	0.01×	0.01×	0×
Interest coverage	57.54×	60.11×	75.2×	52.79×	71.37×	86.26×	78.23×	137.51×
Dividend yield	1.6%	1.2%	0.0%	0.0%	0.0%	0.0%	0.4%	0.0%
Payout ratio	28.8%	30.4%	0.0%	0.1%	0.0%	0.0%	5.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.3%	11.7%	14.6%	9.8%	11.1%	17.4%	15.5%	11.7%
Return on invested capital	8.4%	8.6%	10.8%	8.0%	8.2%	13.1%	12.7%	9.7%
Return on assets	9.6%	9.8%	12.4%	8.3%	9.5%	15.4%	13.2%	10.4%
Free cash flow yield	1.2%	4.1%	1.8%	1.0%	0.7%	3.0%	6.5%	2.4%
Earnings yield	5.4%	4.1%	4.3%	4.6%	5.0%	6.2%	7.2%	5.9%
Enterprise value	₹51.9B	₹65B	₹71.2B	₹42.6B	₹43.3B	₹48.4B	₹33.4B	₹28.6B
Net debt / EBITDA	-0.08×	-0.08×	-0.01×	0.01×	-0.02×	-0.04×	-0.04×	-0.07×
Cash conversion cycle (days)	69	68	81	109	132	150	116	129