Fino Payments Bank Limited (FINOPB.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

+2218.2%

₹2,670.52

vs ₹115.20 price

Levered DCF

-₹2,209.03

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.6

Distress zone

Rating

D+

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	18.75×	21.29×	28.26×	26.12×	47.08×	207.6×	-132.01×	-67.99×
P/B	1.22×	2.65×	3.79×	3.08×	4.19×	28.02×	32.55×	26.16×
P/S	0.62×	2.54×	3.84×	3.44×	5.11×	12.87×	16.73×	21.71×
EV / EBITDA	8.14×	10.04×	14.91×	12.15×	19.12×	55.75×	-493.63×	-89.2×
Gross margin	92.8%	87.1%	87.6%	90.4%	96.1%	97.1%	96.1%	97.2%
Operating margin	4.3%	13.9%	13.6%	13.2%	10.9%	6.2%	-12.7%	-31.9%
Net margin	3.3%	11.9%	13.6%	13.2%	10.9%	6.2%	-12.7%	-31.9%
Current ratio	0×	1.35×	0.15×	1,713.13×	15,906.46×	9,444.36×	4,912.11×	2.59×
Debt / equity	1.91×	1.12×	1.11×	0.79×	0.52×	1.2×	0.85×	0.51×
Interest coverage	0.59×	1.08×	1.09×	1.37×	2.79×	2.15×	-3.25×	-11.28×
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	6.5%	12.4%	13.4%	11.8%	8.9%	13.6%	-24.6%	-38.5%
Return on invested capital	1.0%	2.2%	4.3%	5.4%	4.8%	4.7%	-13.9%	-35.8%
Return on assets	1.0%	2.2%	2.5%	2.6%	2.5%	2.0%	-5.1%	-9.1%
Free cash flow yield	0.1%	-31.1%	2.4%	-6.7%	7.1%	-2.4%	-2.7%	0.4%
Earnings yield	5.3%	4.7%	3.5%	3.8%	2.1%	0.5%	-0.8%	-1.5%
Enterprise value	₹11.7B	₹17.1B	₹20.8B	₹13B	₹14.9B	₹41.3B	₹41.8B	₹39.4B
Net debt / EBITDA	1.29×	-1.55×	-2.53×	-3.74×	-6.61×	-1.22×	6.16×	6.92×
Cash conversion cycle (days)	0	6	-0	-6,576	-18,765	1	-11,781	-1