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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
-62.3%
₹2,760.80
vs ₹7,329.00 price
Levered DCF
₹1,508.18
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
25.23
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E23.23×26.88×20.78×7.36×9.7×15.66×22.92×24.15×
P/B2.96×3.75×2.07×0.66×0.95×1.26×1.4×1.44×
P/S3.71×4.29×2.56×0.87×1.27×2.03×2.18×2.13×
EV / EBITDA15.45×17.97×13.03×4.98×6.33×9×12.39×14.03×
Gross margin37.5%48.1%46.4%47.6%52.4%57.8%67.5%60.2%
Operating margin18.4%19.3%14.8%14.3%16.5%20.2%15.8%14.2%
Net margin16.0%15.9%12.3%11.8%13.1%13.0%9.5%8.8%
Current ratio4.43×4.28×3.49×2.74×2.29×2.4×2.16×1.95×
Debt / equity0.01×0.01×0.01×0.08×0.12×0.1×0.12×0.11×
Interest coverage47.51×45.58×20.7×11.89×11.52×9.96×7.49×6.77×
Dividend yield0.4%0.3%0.5%1.9%1.4%0.0%2.8%0.3%
Payout ratio8.2%7.1%11.4%14.0%13.9%0.0%63.1%6.9%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity12.7%14.0%9.9%9.0%9.8%8.1%6.1%6.0%
Return on invested capital10.8%12.2%8.7%7.4%7.8%7.5%5.8%5.8%
Return on assets11.2%12.3%8.7%7.5%7.8%6.7%5.1%5.0%
Free cash flow yield1.4%3.0%3.7%12.1%2.8%6.9%2.3%5.8%
Earnings yield4.3%3.7%4.8%13.6%10.3%6.4%4.4%4.1%
Enterprise value₹77.2B₹88B₹41.4B₹13.2B₹17.2B₹20.6B₹21.1B₹20.9B
Net debt / EBITDA-0.28×-0.22×-0.28×0.37×0.38×0.39×0.81×0.8×
Cash conversion cycle (days)6762625570507025