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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
-57.3%
₹1,339.42
vs ₹3,139.80 price
Levered DCF
₹1,482.25
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
—
Rating
C+
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E27.2×36.64×38.68×26.73×44.44×39.29×36.48×62.4×
P/B2.7×2.8×3.42×2.62×7.52×6.64×7.73×9.85×
P/S4.35×4.56×5.27×5.76×12.24×11.33×10.71×13.79×
EV / EBITDA12.94×18.68×22.71×18.41×35.45×29.75×29.34×39.58×
Gross margin30.0%56.2%54.9%48.7%48.9%53.5%53.8%52.8%
Operating margin18.8%30.9%32.2%31.9%36.0%41.0%39.7%37.1%
Net margin16.0%12.4%13.6%21.5%27.5%28.8%29.4%22.1%
Current ratio4.68×4.33×4.04×9.46×10.05×10×7.93×4.42×
Debt / equity0.03×0.03×0.04×0×0×0×0×0×
Interest coverage36.24×72.45×69.56×155.35×302.17×415.93×145.58×206.85×
Dividend yield1.1%1.3%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio28.9%47.2%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity9.9%7.6%8.9%9.8%16.9%16.9%21.2%15.8%
Return on invested capital7.6%11.6%13.1%10.6%16.4%17.7%21.8%16.7%
Return on assets8.2%6.2%7.2%8.9%15.5%15.3%18.9%12.8%
Free cash flow yield2.6%2.1%2.0%0.7%0.5%1.0%1.8%0.2%
Earnings yield3.7%2.7%2.6%3.7%2.3%2.5%2.7%1.6%
Enterprise value₹248.7B₹233.5B₹298.9B₹189.8B₹535.4B₹387.4B₹280.3B₹279.6B
Net debt / EBITDA-1.6×-1.79×0.01×-1.85×-0.21×-0.37×-0.17×-0.33×
Cash conversion cycle (days)181227222377232281244279