Haryana Leather Chemicals Limited (HARLETH.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

+35.9%

₹84.55

vs ₹62.20 price

Levered DCF

₹176.36

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 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	10.43×	14.75×	7.29×	9.76×	13.77×	8.9×	4.64×	7.72×
P/B	0.55×	0.79×	0.82×	0.49×	0.52×	0.42×	0.3×	0.39×
P/S	0.48×	0.69×	0.76×	0.43×	0.47×	0.51×	0.28×	0.32×
EV / EBITDA	4.96×	10.35×	3.83×	5.43×	6.58×	4.11×	-0.8×	1.73×
Gross margin	21.5%	31.9%	32.1%	14.8%	10.7%	18.5%	17.1%	29.0%
Operating margin	3.8%	22.0%	5.5%	3.3%	8.7%	3.7%	4.8%	3.5%
Net margin	4.6%	4.7%	10.4%	4.4%	3.4%	5.7%	6.0%	4.2%
Current ratio	4.87×	3.84×	3.96×	3.36×	2.79×	3.13×	3.22×	3.2×
Debt / equity	0.02×	0.02×	0.01×	0.02×	0×	0×	0×	0.02×
Interest coverage	21.66×	140.98×	44.44×	29.09×	74.19×	23.2×	18.15×	11.76×
Dividend yield	2.0%	1.4%	1.5%	0.0%	0.0%	0.0%	4.0%	4.0%
Payout ratio	20.7%	21.3%	10.6%	0.0%	0.0%	0.0%	18.8%	30.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.3%	5.4%	11.2%	5.0%	3.7%	4.7%	6.5%	5.0%
Return on invested capital	2.8%	16.5%	4.7%	2.7%	6.7%	2.2%	3.7%	2.9%
Return on assets	4.6%	4.6%	9.6%	4.3%	3.0%	4.1%	5.1%	4.0%
Free cash flow yield	14.7%	-3.5%	20.0%	-16.3%	11.9%	-59.2%	32.8%	2.6%
Earnings yield	9.6%	6.8%	13.7%	10.2%	7.3%	11.2%	21.5%	12.9%
Enterprise value	₹143.6M	₹271.4M	₹251.7M	₹182.3M	₹174.5M	₹122.3M	-₹19M	₹34.6M
Net debt / EBITDA	-3.61×	-2.59×	-1.29×	0.02×	-0.25×	-0.68×	-4.87×	-4.23×
Cash conversion cycle (days)	85	79	72	86	84	95	52	72