Harrisons Malayalam Limited (HARRMALAYA.NS) 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

-16.1%

₹138.25

vs ₹164.72 price

Levered DCF

₹46.14

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

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	10.91×	25.36×	-43.59×	11.13×	10.56×	6.35×	10.58×	-5.51×
P/B	1.78×	2.45×	2.21×	1.27×	1.77×	2.23×	1.24×	1.69×
P/S	0.59×	0.73×	0.69×	0.41×	0.54×	0.61×	0.26×	0.38×
EV / EBITDA	8.74×	13.6×	37.25×	8.52×	8.58×	6.17×	7.34×	-39.41×
Gross margin	28.8%	63.5%	57.9%	56.2%	57.0%	61.3%	67.7%	59.9%
Operating margin	3.3%	3.1%	1.0%	4.7%	6.1%	13.4%	6.7%	-3.0%
Net margin	5.4%	2.9%	-1.6%	3.6%	5.1%	9.6%	2.5%	-6.9%
Current ratio	0.45×	0.39×	0.39×	0.45×	0.49×	0.47×	0.45×	0.4×
Debt / equity	0.62×	0.67×	0.68×	0.61×	0.65×	0.86×	1.49×	1.54×
Interest coverage	1.42×	1.23×	0.36×	1.87×	2.43×	4.14×	1.59×	-0.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.3%	9.7%	-5.1%	11.4%	16.7%	35.2%	11.7%	-30.7%
Return on invested capital	5.4%	5.3%	1.6%	7.6%	10.0%	21.3%	10.4%	-4.3%
Return on assets	5.8%	3.2%	-1.6%	4.0%	5.5%	9.9%	2.3%	-6.5%
Free cash flow yield	1.9%	1.7%	3.4%	1.7%	8.4%	11.8%	24.0%	-10.1%
Earnings yield	9.2%	3.9%	-2.3%	9.0%	9.5%	15.7%	9.5%	-18.1%
Enterprise value	₹4.3B	₹4.8B	₹4.1B	₹2.9B	₹3.3B	₹3.6B	₹2.1B	₹2.5B
Net debt / EBITDA	2.22×	2.9×	8.68×	2.76×	2.25×	1.71×	3.97×	-18.7×
Cash conversion cycle (days)	-5	-38	-40	2	-20	-5	-15	-1