Goblin India Ltd. (GOBLIN.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

+248.8%

₹34.88

vs ₹10.00 price

Levered DCF

-₹79.24

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.67

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	3.59×	11.63×	27.27×	30.77×	-26.14×	-21.62×	6.98×	8.71×
P/B	0.18×	0.65×	1.66×	1.65×	1.72×	1.62×	1.05×	3.77×
P/S	0.15×	0.51×	1.52×	1.43×	2.23×	1.06×	0.42×	0.44×
EV / EBITDA	5.77×	6.91×	15.78×	15.85×	91.33×	73.55×	6.43×	7.52×
Gross margin	14.3%	24.9%	25.2%	13.5%	3.4%	8.4%	15.7%	14.9%
Operating margin	5.4%	5.4%	6.9%	2.3%	-8.9%	1.1%	10.6%	9.5%
Net margin	4.2%	4.4%	5.6%	4.7%	-8.5%	-4.9%	6.0%	5.1%
Current ratio	2.53×	2.47×	3.88×	3.05×	4.22×	2.68×	2.73×	1.6×
Debt / equity	0.3×	0.3×	0.54×	0.86×	1.13×	0.92×	0.72×	2.9×
Interest coverage	1.99×	1.4×	1.16×	0.3×	-0.83×	0.18×	3.26×	2.59×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.0%	5.6%	6.1%	5.4%	-6.6%	-7.5%	15.0%	43.2%
Return on invested capital	3.8%	4.2%	4.9%	1.3%	-3.2%	0.9%	13.2%	17.1%
Return on assets	2.6%	3.0%	3.4%	2.3%	-2.7%	-3.3%	7.8%	9.4%
Free cash flow yield	-5.6%	28.5%	-2.6%	-8.8%	-22.6%	-12.5%	-34.9%	-9.1%
Earnings yield	27.8%	8.6%	3.7%	3.3%	-3.8%	-4.6%	14.3%	11.5%
Enterprise value	₹208.7M	₹402.3M	₹889.5M	₹785.7M	₹690.7M	₹653.8M	₹490.5M	₹526.4M
Net debt / EBITDA	3.48×	2.08×	3.81×	5.4×	36.09×	26.55×	2.55×	3.22×
Cash conversion cycle (days)	410	366	403	410	726	375	234	173