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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
+10.8%
₹5,458.51
vs ₹4,925.50 price
Levered DCF
₹5,582.77
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
3.32
Safe zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E25.58×33.77×29.86×15.67×9.77×10.25×6.03×10.52×
P/B5.68×8.07×7.81×3.87×2.57×2.16×1.31×2.19×
P/S7.05×9.12×7.49×3.39×2.02×1.45×0.81×1.19×
EV / EBITDA16.98×33.49×25.42×12.72×9.81×5.85×5.21×7.65×
Gross margin30.8%57.9%61.0%59.5%57.0%48.8%53.2%52.4%
Operating margin20.4%31.2%34.2%29.7%30.3%22.6%30.6%22.6%
Net margin27.5%27.0%25.1%21.6%20.6%14.2%13.4%11.3%
Current ratio2.61×2.04×1.73×1.68×1.8×1.58×1.33×1.39×
Debt / equity0×0×0×0×0×0×0.44×0.38×
Interest coverage1,167.96×512.61×923.8×207.38×1,031.09×24.58×22.2×42.17×
Dividend yield1.4%0.9%0.9%1.8%2.7%3.0%7.7%3.4%
Payout ratio36.7%30.4%25.9%28.7%26.3%30.9%46.5%35.2%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity22.2%23.9%26.2%24.7%26.3%21.1%21.8%20.9%
Return on invested capital5.8%12.0%18.5%19.6%21.7%14.7%16.9%22.9%
Return on assets6.9%7.9%9.8%8.7%8.7%6.2%5.4%4.5%
Free cash flow yield5.3%4.5%3.2%7.7%17.2%41.9%1.4%-37.1%
Earnings yield3.9%3.0%3.3%6.4%10.2%9.8%16.6%9.5%
Enterprise value₹2.3T₹2.8T₹2.2T₹869.4B₹466.3B₹261.4B₹229B₹279.5B
Net debt / EBITDA-0.28×-0.55×-0.48×-0.64×-0.64×-1.6×1.25×1.13×
Cash conversion cycle (days)677705657506605705904972