Gemstone Investments Limited (GEMSI.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

+268.0%

₹4.45

vs ₹1.21 price

Levered DCF

-₹6.84

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 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	24.2×	51.89×	27.45×	21.17×	55.36×	24.52×	4.85×	6.64×
P/B	0.2×	0.66×	0.4×	0.2×	0.49×	0.41×	0.15×	0.23×
P/S	4.38×	13.18×	4.59×	4.09×	12.78×	4.71×	1.79×	2.45×
EV / EBITDA	19.55×	32.36×	4.44×	5.21×	17.27×	5.13×	2.58×	5.42×
Gross margin	95.7%	85.9%	97.3%	97.5%	87.8%	93.7%	86.3%	71.9%
Operating margin	29.7%	37.8%	85.4%	73.7%	67.9%	80.7%	63.6%	50.4%
Net margin	18.1%	25.4%	16.7%	19.3%	23.1%	19.2%	36.9%	36.2%
Current ratio	13.75×	76.99×	215.26×	207.7×	167.59×	141.14×	21.53×	11.67×
Debt / equity	0.07×	0×	0×	0×	0×	0×	0×	0.05×
Interest coverage	0×	55.32×	11,899.51×	0×	0×	0×	0×	0×
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	0.8%	1.3%	1.4%	1.0%	0.9%	1.7%	3.2%	3.3%
Return on invested capital	0.8%	1.3%	5.3%	3.2%	1.9%	5.1%	4.1%	3.2%
Return on assets	0.8%	1.3%	1.4%	1.0%	0.9%	1.6%	3.0%	3.1%
Free cash flow yield	-15.5%	-2.7%	15.0%	-1.9%	-5.8%	7.7%	23.1%	20.9%
Earnings yield	4.1%	1.9%	3.6%	4.7%	1.8%	4.1%	20.6%	14.8%
Enterprise value	₹131.5M	₹151.9M	₹79.9M	₹46.3M	₹112.6M	₹87.1M	₹34.4M	₹63.8M
Net debt / EBITDA	5.02×	-2.61×	-0.92×	-0.26×	-0.49×	-0.51×	-0.11×	0.79×
Cash conversion cycle (days)	7,946	5,948	3,455	6,478	8,392	3,563	3,694	3,381