Hawa Engineers Limited (HAWAENG.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

+315.6%

₹322.05

vs ₹77.50 price

Levered DCF

₹498.02

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.8

Grey zone

Rating

B+

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	8.58×	18.01×	33.31×	35.59×	14.89×	13.27×	7.5×	16.87×
P/B	1.01×	1.96×	3.29×	1.51×	1.03×	0.72×	0.46×	0.94×
P/S	0.2×	0.32×	0.5×	0.24×	0.22×	0.22×	0.13×	0.25×
EV / EBITDA	3.78×	7.97×	13.42×	9.87×	9.97×	6.48×	3.92×	4.94×
Gross margin	15.0%	26.5%	21.5%	14.3%	11.0%	22.2%	22.3%	23.2%
Operating margin	5.2%	22.6%	17.9%	3.3%	3.0%	29.3%	3.9%	31.0%
Net margin	2.3%	1.3%	1.5%	0.7%	1.5%	1.7%	1.8%	1.5%
Current ratio	1.72×	1.82×	1.67×	1.75×	1.63×	1.86×	1.75×	1.71×
Debt / equity	0.97×	0.82×	1.05×	1.06×	1.02×	0.62×	0.54×	0.59×
Interest coverage	2.03×	9.19×	7.2×	1.43×	1.59×	10.3×	1.42×	8.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.8%	8.1%	9.9%	4.3%	7.0%	5.5%	6.1%	5.6%
Return on invested capital	8.2%	40.6%	35.8%	3.8%	5.1%	38.2%	6.7%	40.9%
Return on assets	3.7%	2.6%	2.7%	1.3%	2.4%	2.0%	2.3%	2.0%
Free cash flow yield	7.9%	13.9%	-1.2%	5.4%	-36.9%	-29.9%	8.5%	19.4%
Earnings yield	11.7%	4.1%	3.0%	2.8%	6.7%	7.5%	13.3%	5.9%
Enterprise value	₹277.2M	₹455.7M	₹696.1M	₹415.4M	₹319.2M	₹187.7M	₹105.6M	₹160M
Net debt / EBITDA	0.68×	1.18×	1.87×	3.97×	4.89×	2.83×	1.56×	1.1×
Cash conversion cycle (days)	90	88	74	138	132	134	86	85