Ganga Papers India Limited (GANGAPA.BO) 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

-357.7%

-₹221.63

vs ₹86.00 price

Levered DCF

-₹313.20

After debt service

Piotroski score

3 / 9

Weak

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	41.3×	67.85×	75.73×	22.61×	13.22×	8.22×	12.6×	60.03×
P/B	2.05×	3.49×	3.84×	2.67×	2.9×	1.79×	1.58×	7.56×
P/S	0.24×	0.42×	0.46×	0.25×	0.26×	0.19×	0.17×	0.74×
EV / EBITDA	13.61×	22.39×	21.82×	12.55×	8.94×	6.74×	7.76×	19.6×
Gross margin	19.6%	20.7%	23.9%	3.0%	3.1%	6.1%	4.5%	23.5%
Operating margin	1.9%	1.4%	22.6%	1.4%	2.3%	3.5%	3.4%	19.5%
Net margin	0.6%	0.6%	0.6%	1.1%	2.0%	2.3%	1.3%	1.2%
Current ratio	1.25×	1.13×	1.21×	1.15×	1.28×	1.23×	1.05×	1.01×
Debt / equity	1.37×	1.16×	1.27×	1.61×	1.7×	2.04×	2.51×	2.82×
Interest coverage	1.67×	1.81×	19.92×	1.47×	2.44×	2.56×	1.41×	8.28×
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	5.0%	5.1%	5.1%	11.8%	22.0%	21.7%	12.5%	12.6%
Return on invested capital	4.7%	4.2%	59.9%	4.0%	7.1%	7.8%	8.0%	41.2%
Return on assets	1.6%	1.8%	1.8%	3.5%	5.6%	5.0%	2.8%	2.6%
Free cash flow yield	-19.1%	1.5%	7.9%	-11.0%	2.8%	3.2%	24.2%	-0.9%
Earnings yield	2.4%	1.5%	1.3%	4.4%	7.6%	12.2%	7.9%	1.7%
Enterprise value	₹1.1B	₹1.4B	₹1.5B	₹1.2B	₹1B	₹661.2M	₹567.8M	₹1.4B
Net debt / EBITDA	5.06×	5.46×	5.26×	4.55×	2.78×	3.28×	4.55×	5.31×
Cash conversion cycle (days)	67	61	71	59	41	44	42	49