HB Stockholdings Limited (HBSL.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

-143.6%

-₹22.39

vs ₹51.41 price

Levered DCF

-₹9.40

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

1.52

Distress zone

Rating

D+

Overall 1 / 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	-2.81×	-4.43×	1.64×	-16.29×	2.29×	1.01×	-0.59×	-0.91×
P/B	0.39×	0.59×	0.6×	0.5×	0.51×	0.22×	0.14×	0.14×
P/S	-5.19×	6.28×	1.39×	5.93×	5.05×	4.07×	8.85×	1.67×
EV / EBITDA	-3.21×	-6.41×	1.45×	-18.32×	1.92×	0.91×	-0.62×	-0.72×
Gross margin	132.0%	89.6%	99.0%	84.6%	90.8%	86.4%	0.9%	83.8%
Operating margin	217.9%	-114.0%	96.7%	-37.6%	229.9%	403.3%	-1484.2%	-173.7%
Net margin	184.6%	-141.8%	84.6%	-36.4%	220.2%	403.8%	-1492.9%	-182.2%
Current ratio	0.13×	44.39×	9.23×	38.82×	33.44×	6.82×	15.93×	3.93×
Debt / equity	0.14×	0.15×	0.01×	0.01×	0×	0×	0.01×	0.02×
Interest coverage	0×	-16.06×	451.76×	-51.8×	1,210.17×	401.39×	-170.75×	-98.67×
Dividend yield	2.3%	2.0%	1.2%	2.2%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-6.6%	-8.9%	1.9%	-35.5%	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	-13.8%	-13.3%	36.4%	-3.0%	22.1%	22.1%	-24.3%	-15.3%
Return on invested capital	-11.8%	-8.1%	30.8%	-2.9%	22.2%	21.9%	-23.8%	-14.3%
Return on assets	-11.8%	-11.3%	34.3%	-3.0%	21.5%	20.2%	-22.6%	-11.6%
Free cash flow yield	-23.6%	-9.5%	52.9%	-12.5%	-34.8%	45.3%	-34.3%	29.2%
Earnings yield	-35.6%	-22.6%	60.8%	-6.1%	43.6%	99.2%	-168.8%	-109.0%
Enterprise value	₹400.8M	₹592.2M	₹601.9M	₹330.1M	₹306.1M	₹108.1M	₹44M	₹38.2M
Net debt / EBITDA	-0.77×	-0.65×	-0.04×	-0.12×	-0.26×	-0.09×	-0.01×	0.28×
Cash conversion cycle (days)	0	339	6	-15,436	-21,293	59	5,361	-7,490