Flair Writing Industries Limited (FLAIR.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

-180.0%

-₹188.49

vs ₹235.52 price

Levered DCF

-₹126.61

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 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	FY2018
P/E	21.39×	20.89×	21.8×	35.96×	18.73×	1,073.57×	27.75×	21.36×
P/B	2.62×	2.45×	2.88×	9.68×	3.31×	4.02×	4.04×	4.02×
P/S	2.39×	2.31×	2.68×	4.51×	1.85×	3.61×	1.45×	1.86×
EV / EBITDA	13.56×	13.55×	12.66×	22.19×	10.94×	32.94×	12.94×	12.98×
Gross margin	29.6%	50.7%	23.0%	22.6%	22.3%	10.9%	39.5%	19.2%
Operating margin	13.7%	34.8%	33.5%	16.0%	12.1%	-1.4%	23.9%	12.7%
Net margin	11.2%	11.1%	12.3%	12.5%	9.7%	0.3%	5.2%	8.7%
Current ratio	5.22×	5.43×	5.08×	2.23×	2.37×	3.39×	2.15×	1.88×
Debt / equity	0.06×	0.06×	0.08×	0.28×	0.41×	0.53×	0.66×	0.34×
Interest coverage	33.05×	71.47×	30.6×	14.7×	7.41×	-0.36×	0×	4.16×
Dividend yield	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	11.3%	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	FY2018
Return on equity	12.2%	11.7%	13.2%	26.9%	17.3%	0.4%	14.6%	18.8%
Return on invested capital	10.5%	25.6%	24.7%	19.3%	11.2%	-0.5%	24.2%	14.2%
Return on assets	10.2%	9.8%	10.7%	17.1%	9.9%	0.2%	6.7%	11.2%
Free cash flow yield	-0.1%	-3.2%	-1.3%	0.3%	-1.1%	4.7%	4.8%	-2.7%
Earnings yield	4.7%	4.8%	4.6%	2.8%	5.2%	0.1%	3.6%	4.7%
Enterprise value	₹30.5B	₹25B	₹26.1B	₹43.3B	₹11.8B	₹11.9B	₹12.2B	₹11.4B
Net debt / EBITDA	0.24×	0.03×	0.08×	0.63×	1.21×	3.8×	1.79×	1×
Cash conversion cycle (days)	199	249	162	143	204	265	154	104