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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
+362.1%
₹1,848.43
vs ₹400.00 price
Levered DCF
-₹2,630.69
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.46
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E9.46×19.04×25.79×26.1×30.45×39.77×54.51×0×
P/B1.41×3.25×4.15×3.63×3.72×6.16×7.34×0×
P/S3.2×7.57×10.37×10.72×11.2×14.07×19.11×0×
EV / EBITDA10.96×17.09×22.47×20.52×24.66×33.56×45.19×1.67×
Gross margin75.0%61.4%61.1%68.6%56.5%54.9%56.2%123.6%
Operating margin51.8%53.9%53.1%58.1%50.8%47.7%48.6%76.4%
Net margin33.8%39.6%40.2%41.1%36.8%35.4%35.1%48.3%
Current ratio0×114.43×1.96×226.68×1.44×1.8×43.61×12.98×
Debt / equity1.11×1.26×1.22×0.98×0.69×1.48×1.22×0.53×
Interest coverage0×19.48×34.88×9.81×284.87×269.32×151.7×3.2×
Dividend yield0.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio5.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity14.9%17.0%16.1%13.9%12.2%15.5%13.5%11.5%
Return on invested capital8.0%6.7%6.3%6.3%7.5%6.3%5.5%7.6%
Return on assets7.0%7.4%7.2%6.9%7.2%6.2%6.0%6.6%
Free cash flow yield13.0%-5.5%-9.9%-7.2%-2.1%-1.1%-10.7%62305832.9%
Earnings yield10.6%5.2%3.9%3.8%3.3%2.5%1.8%59457472.5%
Enterprise value₹164.5B₹262.5B₹263.4B₹186.6B₹157.6B₹164.3B₹163.5B₹5B
Net debt / EBITDA4.03×3.75×4.08×3.2×3.05×4.41×5.73×1.67×
Cash conversion cycle (days)005,106-92472344500