HB Estate Developers Limited (HBESD.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

+631.9%

₹560.60

vs ₹76.60 price

Levered DCF

₹473.87

After debt service

Piotroski score

2 / 9

Weak

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	11×	19.22×	31.53×	-5.72×	-2.2×	-0.66×	-1.25×	-3.68×
P/B	0.67×	1.16×	0.82×	0.46×	0.22×	0.11×	0.05×	0.17×
P/S	1.1×	1.73×	1.13×	0.69×	0.69×	0.83×	0.14×	0.43×
EV / EBITDA	8.84×	10.62×	10.94×	12.11×	32.8×	-63.15×	7.35×	8.17×
Gross margin	63.5%	72.6%	84.9%	84.9%	80.2%	80.1%	26.3%	27.1%
Operating margin	28.0%	30.1%	29.1%	26.0%	1.3%	-81.1%	15.8%	16.4%
Net margin	10.0%	9.2%	3.6%	-12.1%	-31.4%	-126.9%	-10.8%	-11.8%
Current ratio	0.89×	0.71×	0.35×	0.69×	0.91×	0.93×	0.68×	0.84×
Debt / equity	1.33×	1.63×	2.09×	2.28×	1.53×	1.89×	0.92×	0.92×
Interest coverage	1.98×	1.62×	1.21×	1.1×	0.03×	-0.88×	0.52×	0.52×
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	6.0%	6.2%	2.6%	-8.0%	-9.9%	-17.5%	-4.3%	-4.7%
Return on invested capital	4.7%	5.1%	3.6%	-23.7%	0.1%	-2.8%	2.0%	2.4%
Return on assets	2.4%	2.2%	0.8%	-2.3%	-3.0%	-5.7%	-1.7%	-1.9%
Free cash flow yield	22.0%	14.3%	37.2%	60.0%	4.6%	-70.9%	238.0%	84.9%
Earnings yield	9.1%	5.3%	3.2%	-17.5%	-45.4%	-152.4%	-79.7%	-27.2%
Enterprise value	₹3.7B	₹4.8B	₹4.3B	₹3.9B	₹2.7B	₹3.4B	₹1.9B	₹2.3B
Net debt / EBITDA	5.79×	6.15×	7.8×	10.06×	28.63×	-59.44×	6.93×	6.82×
Cash conversion cycle (days)	19	18	105	159	265	258	11	24