PNGS Gargi Fashion Jewellery L (GARGI.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

-370.7%

-₹1,353.20

vs ₹499.95 price

Levered DCF

-₹5,202.73

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

7.54

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.58×	31.94×	58.42×	41.16×	365.09×	116,625×	-419,850×
P/B	5.65×	9.23×	17.03×	19.64×	360.99×	24,952.57×	31,580.6×
P/S	5.36×	7.28×	9.79×	14.1×	68.06×	67,371.95×	0×
EV / EBITDA	18.2×	23.21×	41.85×	58.7×	268.32×	96,242×	-505,268.13×
Gross margin	42.9%	39.9%	42.3%	39.8%	37.5%	100.0%	0.0%
Operating margin	26.2%	38.2%	21.8%	22.3%	25.3%	65.0%	0.0%
Net margin	21.0%	22.8%	16.8%	16.4%	18.6%	58.3%	0.0%
Current ratio	14.64×	10.01×	4.24×	7.37×	1.12×	2.59×	1.76×
Debt / equity	0.08×	0.04×	0.07×	0.07×	4.74×	0.22×	0.28×
Interest coverage	44.99×	184.41×	67.96×	32.43×	75.93×	39×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.1%	28.9%	29.1%	22.8%	98.7%	21.6%	-7.8%
Return on invested capital	18.1%	33.5%	25.7%	21.4%	17.1%	16.8%	-6.1%
Return on assets	18.7%	24.6%	21.9%	19.4%	13.2%	13.3%	-3.4%
Free cash flow yield	1.4%	1.9%	-2.5%	0.1%	-1.2%	-0.0%	-0.0%
Earnings yield	3.9%	3.1%	1.7%	1.2%	0.3%	0.0%	-0.0%
Enterprise value	₹7.4B	₹8.7B	₹5B	₹3.9B	₹4.1B	₹4B	₹4B
Net debt / EBITDA	-1.5×	-1.35×	0.12×	-1.49×	3.08×	-3.64×	21.5×
Cash conversion cycle (days)	213	153	354	202	569	456	-16,242