Gratex Industries Limited (GRATEXI.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

-1066.9%

-₹159.06

vs ₹16.45 price

Levered DCF

-₹2.49

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 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	48.22×	81.35×	59.74×	23.68×	31.85×	151.19×	22.77×	38×
P/B	1.42×	1.58×	1.6×	1.31×	0.99×	1.11×	1.19×	0.98×
P/S	1.24×	1.54×	1.98×	1.05×	1.51×	1.85×	2.01×	1.44×
EV / EBITDA	17.68×	21.27×	21.57×	12.44×	12.03×	21.51×	10.13×	11.19×
Gross margin	27.9%	61.1%	44.1%	28.2%	50.7%	36.2%	32.5%	31.8%
Operating margin	4.1%	3.1%	5.5%	5.6%	7.5%	1.1%	13.1%	5.5%
Net margin	2.6%	1.9%	3.3%	4.4%	4.7%	1.2%	8.8%	3.7%
Current ratio	4.23×	7.54×	5.11×	4.58×	5.46×	9.77×	8.3×	6.65×
Debt / equity	0.05×	0.01×	0.02×	0.02×	0.04×	0.03×	0.04×	0.05×
Interest coverage	15.08×	11.21×	14.49×	20.01×	8.27×	1.25×	11.92×	2.74×
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	2.9%	2.0%	2.7%	5.5%	3.1%	0.7%	5.2%	2.6%
Return on invested capital	2.9%	2.0%	3.2%	5.5%	3.3%	0.4%	5.3%	3.5%
Return on assets	2.3%	1.7%	2.2%	4.6%	2.6%	0.7%	4.6%	2.2%
Free cash flow yield	-2.1%	0.7%	-0.3%	1.6%	-0.2%	1.1%	1.7%	12.9%
Earnings yield	2.1%	1.2%	1.7%	4.2%	3.1%	0.7%	4.4%	2.6%
Enterprise value	₹54.7M	₹58.1M	₹57M	₹45.1M	₹33M	₹35.4M	₹37.8M	₹30.5M
Net debt / EBITDA	0.52×	0.18×	0.3×	0.14×	0.4×	0.5×	0.32×	0.6×
Cash conversion cycle (days)	290	562	495	244	614	505	531	418