Fine-Line Circuits Limited (FINELINE.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

-117.7%

-₹14.79

vs ₹83.80 price

Levered DCF

-₹69.82

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	2,580.67×	263.41×	318.18×	406.67×	33.33×	554.55×	-338.89×	179.41×
P/B	4.29×	5.9×	3.99×	3.44×	3.52×	3.92×	4×	4.04×
P/S	1.18×	1.71×	1.4×	1.07×	0.98×	1.31×	1.13×	0.95×
EV / EBITDA	39.25×	48.39×	35.38×	30.27×	22.65×	27×	140.42×	65.53×
Gross margin	12.7%	33.3%	14.8%	32.9%	30.9%	31.9%	32.0%	28.5%
Operating margin	2.4%	16.3%	1.1%	0.1%	3.1%	-0.6%	-2.1%	-0.9%
Net margin	0.0%	0.6%	0.4%	0.3%	2.9%	0.2%	-0.3%	0.5%
Current ratio	1.7×	1.97×	1.54×	1.51×	1.66×	1.56×	1.5×	1.45×
Debt / equity	0.82×	0.66×	0.71×	0.74×	0.44×	0.54×	0.79×	0.89×
Interest coverage	1.97×	13.94×	0.55×	0.07×	1.92×	-0.25×	-0.81×	-0.4×
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	0.2%	2.2%	1.3%	0.8%	10.6%	0.7%	-1.2%	2.3%
Return on invested capital	4.7%	30.7%	1.8%	0.2%	7.4%	-1.0%	-4.2%	-2.0%
Return on assets	0.1%	1.1%	0.6%	0.4%	5.5%	0.4%	-0.5%	0.9%
Free cash flow yield	-4.7%	1.6%	-7.9%	-2.5%	1.5%	7.3%	4.3%	-1.6%
Earnings yield	0.0%	0.4%	0.3%	0.2%	3.0%	0.2%	-0.3%	0.6%
Enterprise value	₹459.4M	₹568.9M	₹394.6M	₹340.3M	₹322M	₹311.1M	₹339.7M	₹343.7M
Net debt / EBITDA	5.74×	4.15×	4.83×	4.19×	2.02×	1.55×	19.18×	9.61×
Cash conversion cycle (days)	115	137	180	140	101	124	129	110