Focus Lighting and Fixtures Limited (FOCUS.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

-64.5%

₹18.58

vs ₹52.28 price

Levered DCF

₹112.29

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	FY2019
P/E	75.52×	35.81×	25.54×	28.25×	19.34×	-10.43×	9.11×	5.74×
P/B	2.62×	3.87×	7.78×	7.28×	2.5×	0.78×	0.62×	0.36×
P/S	2.04×	2.96×	4.47×	3.88×	0.84×	0.41×	0.21×	0.09×
EV / EBITDA	24.77×	19.16×	19.24×	18.81×	9.81×	14.89×	3.03×	0.83×
Gross margin	21.5%	25.6%	29.3%	27.7%	33.2%	30.4%	30.7%	31.2%
Operating margin	3.2%	9.9%	17.9%	17.8%	5.9%	-3.3%	4.6%	11.3%
Net margin	2.7%	8.3%	10.3%	13.7%	4.3%	-3.9%	2.3%	8.1%
Current ratio	2.47×	2.89×	3.06×	2.86×	1.55×	1.71×	1.71×	1.9×
Debt / equity	0.14×	0.14×	0.12×	0.09×	0.18×	0.3×	0.13×	0.1×
Interest coverage	4.51×	18.12×	32.96×	28.96×	7.03×	-1.71×	6.29×	23.21×
Dividend yield	0.0%	0.6%	0.2%	0.1%	0.0%	0.0%	1.6%	0.0%
Payout ratio	0.0%	21.9%	8.5%	2.2%	0.0%	0.0%	14.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.5%	10.8%	18.0%	25.8%	12.9%	-7.5%	6.9%	31.0%
Return on invested capital	2.4%	8.5%	23.8%	23.4%	11.2%	-4.2%	6.4%	28.8%
Return on assets	2.4%	7.5%	12.2%	18.1%	5.7%	-3.8%	3.8%	19.0%
Free cash flow yield	0.3%	-0.3%	-1.9%	-3.7%	0.6%	3.7%	-1.2%	-24.9%
Earnings yield	1.3%	2.8%	2.3%	3.5%	5.2%	-9.6%	11.0%	86.9%
Enterprise value	₹3.9B	₹5.6B	₹10.1B	₹6.6B	₹938.6M	₹324.7M	₹244.6M	₹135.7M
Net debt / EBITDA	0.71×	0.49×	0.25×	0.02×	0.59×	3.74×	0.46×	0.14×
Cash conversion cycle (days)	177	204	183	134	74	120	86	2