Goyal Associates Limited (GOYALASS.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

-10.9%

₹1.08

vs ₹1.21 price

Levered DCF

-₹0.24

After debt service

Piotroski score

3 / 9

Weak

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	-13.6×	8.47×	14.92×	15×	-20.44×	195×	48.75×	-15×
P/B	0.71×	1.16×	2.8×	3.5×	4.51×	2.63×	3.74×	4.01×
P/S	2.99×	2.43×	2.43×	2.69×	6.04×	5.6×	2.53×	1.38×
EV / EBITDA	-16.76×	8.43×	10.02×	10.72×	-46.23×	58.54×	46.53×	-15.91×
Gross margin	32.1%	57.5%	48.0%	70.0%	49.0%	28.2%	9.2%	-7.2%
Operating margin	-28.6%	28.3%	22.3%	23.4%	-23.5%	8.9%	5.4%	-8.1%
Net margin	-26.0%	28.1%	16.8%	17.3%	-29.5%	2.9%	4.6%	-9.5%
Current ratio	20.93×	16.73×	4.38×	4.03×	3.76×	6.48×	12.86×	1.77×
Debt / equity	0.2×	0.19×	0.35×	0.47×	0.98×	1.3×	0×	0×
Interest coverage	0×	0×	10.8×	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	-6.1%	13.4%	19.4%	22.5%	-22.0%	1.3%	6.7%	-27.6%
Return on invested capital	-4.4%	7.9%	13.1%	16.9%	-8.8%	1.2%	6.7%	-23.6%
Return on assets	-3.8%	8.7%	10.4%	11.8%	-8.3%	0.5%	6.2%	-12.0%
Free cash flow yield	-6.1%	-23.8%	-6.0%	4.8%	12.0%	-40.8%	-5.6%	-2.6%
Earnings yield	-8.7%	11.6%	6.9%	6.4%	-4.9%	0.5%	1.8%	-6.9%
Enterprise value	₹47.3M	₹72.9M	₹102M	₹102.9M	₹107.4M	₹90.8M	₹90.7M	₹85.6M
Net debt / EBITDA	-3.64×	1.05×	1.08×	1.18×	-6.84×	16.48×	-0.4×	1.1×
Cash conversion cycle (days)	2,308	1,035	495	-362	1,059	1,423	80	-97