Garnet Construction Limited (GARNET.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

-1533.7%

-₹638.00

vs ₹44.50 price

Levered DCF

-₹1,095.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 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	2.7×	4.5×	10.66×	53.9×	73.51×	2.09×	2.39×	20.9×
P/B	0.75×	0.32×	0.33×	0.17×	0.41×	0.29×	0.21×	0.24×
P/S	1.29×	2.07×	2.81×	7.82×	6.79×	0.4×	0.24×	2.35×
EV / EBITDA	2.12×	3.71×	8.18×	28.31×	33.62×	2.19×	3.47×	30.99×
Gross margin	71.7%	64.1%	15.9%	21.5%	33.8%	39.2%	27.3%	61.0%
Operating margin	60.7%	46.7%	-20.1%	-75.8%	-28.0%	24.1%	17.6%	10.6%
Net margin	47.7%	46.0%	26.4%	14.5%	9.2%	18.9%	10.1%	11.3%
Current ratio	3.28×	2.57×	2.78×	2.72×	2.54×	2.33×	2.17×	2.18×
Debt / equity	0.06×	0.08×	0.11×	0.16×	0.17×	0.22×	0.35×	0.65×
Interest coverage	53.82×	8.08×	-3.2×	-6.43×	-3.29×	24.05×	5.43×	1.77×
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	27.7%	7.2%	3.1%	0.3%	0.6%	13.8%	8.7%	1.1%
Return on invested capital	24.8%	5.0%	-1.5%	-0.9%	-1.7%	10.6%	16.7%	0.5%
Return on assets	18.4%	4.2%	1.8%	0.2%	0.3%	6.8%	3.8%	0.5%
Free cash flow yield	-0.4%	5.8%	-7.6%	-9.3%	-3.0%	47.9%	168.3%	-34.2%
Earnings yield	37.0%	22.2%	9.4%	1.9%	1.3%	47.9%	41.8%	4.8%
Enterprise value	₹1.1B	₹413.8M	₹417.6M	₹291.1M	₹515.8M	₹393.7M	₹403.3M	₹630.8M
Net debt / EBITDA	0.15×	0.72×	2.05×	13×	8.97×	0.72×	2.05×	22.57×
Cash conversion cycle (days)	1,454	6,069	3,390	95,505	8,448	855	875	13,808