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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
+58.4%
₹1,727.56
vs ₹1,090.70 price
Levered DCF
₹2,982.66
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
3.82
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E12.62×15.14×15.3×8.55×10.09×18.12×12.71×23.73×
P/B2.86×3.76×3.64×1.69×2.04×4.17×3.38×7.19×
P/S1.08×1.51×1.43×0.66×0.97×2.2×1.57×2.48×
EV / EBITDA6.49×10.46×8.94×4.62×6.04×10.43×7.83×13.69×
Gross margin35.6%42.1%40.5%37.7%38.6%44.4%47.4%43.0%
Operating margin11.0%11.6%22.0%10.2%11.6%14.3%15.5%15.3%
Net margin8.6%9.9%9.4%7.7%9.7%12.1%12.4%10.5%
Current ratio1.85×1.92×1.94×1.97×1.98×2.05×1.72×1.57×
Debt / equity0.37×0.32×0.28×0.32×0.37×0.24×0.49×0.48×
Interest coverage7.89×11.73×27.75×17.49×42.12×12.94×20.58×20.13×
Dividend yield5.5%3.6%4.3%1.2%2.1%2.9%1.6%1.5%
Payout ratio69.5%54.5%65.4%10.7%21.3%52.1%20.8%36.7%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity22.6%24.6%23.8%19.7%20.2%23.0%26.6%30.3%
Return on invested capital15.1%15.4%30.5%14.5%13.0%16.0%16.9%18.8%
Return on assets11.5%13.0%12.8%11.2%11.8%13.8%14.0%15.6%
Free cash flow yield8.2%6.2%6.7%12.6%-2.3%5.1%8.5%-0.8%
Earnings yield7.9%6.5%6.5%11.7%9.9%5.5%7.9%4.2%
Enterprise value₹38.2B₹49.4B₹43.7B₹17.1B₹19.7B₹33.5B₹24B₹42.2B
Net debt / EBITDA-0.97×-1.18×-0.69×-0.75×-0.49×-0.87×-0.55×-0.01×
Cash conversion cycle (days)39415566112777286