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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
+60.3%
₹2,296.68
vs ₹1,433.10 price
Levered DCF
₹2,113.24
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
7.41
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E21.83×23.85×26.84×19.79×23.38×23.93×10.71×15.1×
P/B4.83×5.96×6.18×4.49×5.09×4.44×2.3×3.64×
P/S2.79×3.51×3.81×2.84×3.62×3.58×1.58×2.55×
EV / EBITDA12.63×14.73×16.19×11.91×14.29×13.4×6.72×10.95×
Gross margin23.5%34.9%35.9%36.4%38.4%40.9%37.7%36.5%
Operating margin17.2%18.3%18.2%18.2%18.9%20.5%23.6%23.1%
Net margin12.8%14.7%14.3%14.6%15.7%14.8%15.6%16.7%
Current ratio2.22×2.19×2.61×2.5×2.56×2.48×1.62×2.42×
Debt / equity0.07×0.09×0.08×0.07×0.1×0.11×0.16×0.1×
Interest coverage25.77×37.8×36.43×53.24×72.6×43.91×40.38×79.55×
Dividend yield4.0%3.9%3.3%4.4%3.6%1.2%1.1%0.7%
Payout ratio87.8%93.2%89.1%86.1%83.0%29.5%11.6%11.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity22.1%25.0%23.2%23.1%22.1%18.4%22.8%23.8%
Return on invested capital19.5%19.9%19.3%19.3%18.5%15.5%22.4%23.1%
Return on assets14.3%16.5%15.8%16.2%15.4%12.8%14.1%16.9%
Free cash flow yield5.4%5.4%5.1%5.6%4.8%6.6%9.7%3.6%
Earnings yield4.6%4.2%3.7%5.1%4.3%4.1%9.9%6.5%
Enterprise value₹3.5T₹4.1T₹4.2T₹2.9T₹3.1T₹2.7T₹1.2T₹1.5T
Net debt / EBITDA-0.67×-0.07×-0.14×-0.18×-0.19×-0×0.18×-0.13×
Cash conversion cycle (days)3075777977798079