Garuda Construction and Engineering Limited (GARUDA.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

+203.4%

₹452.39

vs ₹149.13 price

Levered DCF

-₹174.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

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
P/E	10.08×	17.36×	27.25×	24.39×	52.89×	86.15×	534.15×
P/B	2.72×	2.82×	8.35×	12.03×	23.78×	34.7×	58.14×
P/S	2.33×	4.15×	6.45×	6.19×	12.91×	11.1×	6.44×
EV / EBITDA	7.47×	13.06×	19.84×	17.68×	36.95×	44.88×	153.12×
Gross margin	33.4%	36.2%	38.8%	36.6%	45.2%	25.8%	8.9%
Operating margin	30.8%	29.3%	32.5%	34.5%	35.1%	20.3%	4.2%
Net margin	23.1%	22.1%	23.6%	25.4%	24.4%	12.9%	1.2%
Current ratio	2.61×	4.94×	1.84×	1.74×	1.36×	1.33×	1.24×
Debt / equity	0.03×	0×	0×	0×	0.29×	0.65×	2.25×
Interest coverage	60.46×	65.11×	2,026.57×	144.56×	13.04×	6.29×	1.75×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	26.9%	15.0%	30.6%	49.4%	44.9%	40.3%	10.7%
Return on invested capital	26.2%	14.8%	30.8%	44.4%	32.4%	15.9%	5.1%
Return on assets	19.0%	12.2%	15.9%	23.1%	16.9%	7.0%	0.9%
Free cash flow yield	6.3%	-11.8%	-0.7%	1.2%	1.2%	0.7%	-2.1%
Earnings yield	9.9%	5.3%	3.7%	4.1%	1.9%	1.2%	0.2%
Enterprise value	₹12.2B	₹8.9B	₹9.9B	₹9.9B	₹10B	₹8.1B	₹8.3B
Net debt / EBITDA	-0.07×	-0.65×	-0.01×	-0.08×	0.19×	0.82×	5.68×
Cash conversion cycle (days)	-6	224	213	69	-54	8	-158