GHCL Limited (GHCL.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

+387.2%

₹1,962.75

vs ₹402.90 price

Levered DCF

₹1,651.80

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

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	8.43×	9.61×	5.53×	4.19×	8.02×	6.69×	2.2×	6.8×
P/B	1.12×	1.72×	1.47×	1.21×	1.77×	0.88×	0.41×	1.24×
P/S	1.3×	1.89×	1.28×	1.05×	1.38×	0.88×	0.26×	0.71×
EV / EBITDA	5.62×	6.89×	3.67×	3.15×	7.87×	4.69×	2.79×	4.89×
Gross margin	32.5%	47.7%	41.5%	46.2%	26.9%	25.9%	52.1%	53.2%
Operating margin	19.5%	44.1%	22.3%	31.2%	17.4%	20.2%	18.1%	19.6%
Net margin	15.4%	19.6%	23.1%	25.1%	17.2%	13.1%	12.0%	10.5%
Current ratio	4.38×	5.31×	4.3×	4.69×	1.82×	1.71×	1.38×	1.12×
Debt / equity	0.02×	0.03×	0.07×	0.09×	0.27×	0.31×	0.58×	0.68×
Interest coverage	61.08×	87.13×	28.78×	36.73×	13.9×	6.91×	4.99×	5.15×
Dividend yield	2.9%	1.9%	3.8%	3.0%	1.0%	0.3%	10.0%	2.1%
Payout ratio	24.3%	18.3%	21.0%	12.5%	8.0%	1.8%	22.1%	14.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.3%	17.9%	26.7%	28.9%	22.1%	13.1%	18.5%	18.2%
Return on invested capital	11.3%	27.2%	17.8%	23.7%	11.8%	10.5%	13.1%	12.4%
Return on assets	11.0%	14.9%	21.1%	22.2%	13.0%	8.2%	9.5%	8.8%
Free cash flow yield	11.0%	5.4%	15.7%	10.4%	5.9%	23.3%	46.8%	11.7%
Earnings yield	11.9%	10.4%	18.1%	23.8%	12.5%	15.0%	45.4%	14.7%
Enterprise value	₹39.8B	₹60.3B	₹41.1B	₹50.3B	₹57.6B	₹29.3B	₹20.3B	₹36.7B
Net debt / EBITDA	-0.01×	0.02×	-0.25×	0.15×	0.74×	1.2×	1.59×	1.72×
Cash conversion cycle (days)	77	126	99	99	145	137	123	116