Gujarat Ambuja Exports Limited (GAEL.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

+22.2%

₹180.42

vs ₹147.60 price

Levered DCF

₹86.82

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.47

Safe zone

Rating

A-

Overall 4 / 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	20.5×	19.75×	21.95×	16.14×	12.55×	8.67×	3.09×	6.4×
P/B	1.89×	1.64×	2.74×	2.19×	1.41×	0.88×	0.34×	1.05×
P/S	1.09×	1.07×	1.54×	1.09×	0.64×	0.31×	0.12×	0.32×
EV / EBITDA	11.7×	12.82×	13.25×	9.93×	4.39×	2.74×	2.04×	3.91×
Gross margin	20.8%	26.9%	25.5%	27.8%	29.5%	24.4%	19.7%	23.0%
Operating margin	5.7%	6.4%	6.7%	7.9%	12.7%	9.2%	5.1%	7.0%
Net margin	5.3%	5.4%	7.0%	6.7%	10.2%	7.2%	3.8%	4.9%
Current ratio	3.19×	4.24×	4.29×	3.89×	2.92×	2.88×	2.57×	1.86×
Debt / equity	0.13×	0.08×	0.07×	0.09×	0.13×	0.1×	0.11×	0.18×
Interest coverage	11.95×	17.76×	18.06×	29.08×	104.21×	75.08×	41.53×	14.98×
Dividend yield	0.2%	0.3%	0.2%	0.3%	0.5%	0.0%	6.2%	0.8%
Payout ratio	3.8%	6.4%	4.6%	4.5%	2.9%	0.0%	19.1%	5.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.2%	8.3%	12.5%	13.6%	22.4%	20.4%	11.0%	16.4%
Return on invested capital	6.4%	6.5%	8.4%	10.6%	17.9%	17.3%	10.1%	14.0%
Return on assets	7.3%	7.0%	10.4%	11.2%	17.3%	15.6%	8.4%	11.6%
Free cash flow yield	-1.5%	0.9%	0.1%	0.8%	10.4%	10.2%	34.4%	37.2%
Earnings yield	4.9%	5.1%	4.6%	6.2%	15.9%	23.1%	32.4%	15.6%
Enterprise value	₹66.6B	₹51.4B	₹77.8B	₹54.5B	₹32.5B	₹15.4B	₹5.9B	₹14.8B
Net debt / EBITDA	0.75×	0.54×	0.32×	0.22×	0.36×	0.13×	0.47×	0.55×
Cash conversion cycle (days)	80	89	85	75	72	75	70	60