General Insurance Corporation of India (GICRE.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

+219.5%

₹1,017.46

vs ₹318.45 price

Levered DCF

₹1,143.29

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.83

Distress zone

Rating

A-

Overall 4 / 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	6.59×	9.78×	9.04×	3.39×	8.37×	17.57×	-99.25×	15.66×
P/B	1.07×	1.49×	1.44×	0.52×	0.55×	1.08×	0.68×	1.27×
P/S	1.19×	1.43×	1.3×	0.49×	0.39×	0.72×	0.35×	0.95×
EV / EBITDA	2.91×	5.16×	4.44×	-0.03×	-0.39×	5.21×	-7.35×	7.75×
Gross margin	37.7%	83.8%	85.0%	87.0%	82.7%	82.6%	84.6%	85.2%
Operating margin	22.6%	17.7%	14.5%	16.6%	7.3%	6.3%	-0.7%	8.5%
Net margin	18.1%	14.7%	14.4%	14.3%	4.6%	4.1%	-0.4%	6.1%
Current ratio	0×	0.29×	0.31×	0.31×	5.29×	5.58×	3.81×	3.1×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	126.78×	80.26×	99.46×	59.84×	48.62×	-13.29×	111.14×
Dividend yield	2.8%	2.4%	2.1%	1.7%	0.0%	3.4%	6.4%	2.7%
Payout ratio	18.2%	23.6%	18.9%	5.7%	0.0%	59.5%	-635.1%	42.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.3%	15.3%	15.9%	15.3%	6.6%	6.1%	-0.7%	8.1%
Return on invested capital	4.7%	5.1%	5.3%	7.6%	1.5%	1.3%	-0.2%	2.2%
Return on assets	4.7%	3.8%	3.6%	4.2%	1.6%	1.4%	-0.2%	2.3%
Free cash flow yield	0.7%	2.7%	18.4%	49.4%	45.2%	38.0%	46.7%	17.5%
Earnings yield	15.2%	10.2%	11.1%	29.5%	11.9%	5.7%	-1.0%	6.4%
Enterprise value	₹351.8B	₹474.2B	₹355.8B	-₹2.5B	-₹14.8B	₹163.9B	₹23.5B	₹302.7B
Net debt / EBITDA	-2.35×	-2.75×	-3.1×	-2.92×	-5.6×	-5.91×	50.35×	-3.31×
Cash conversion cycle (days)	0	-103	-155	-162	-63	-143	-192	-226