Helpage Finlease Limited (HELPAGE.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

+29.8%

₹32.46

vs ₹25.00 price

Levered DCF

₹1,790.87

After debt service

Piotroski score

6 / 9

Average

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	7.98×	8.98×	21.31×	27.05×	17.74×	25.68×	46.43×	116.76×
P/B	1.24×	0.83×	1.21×	1.14×	0.83×	0.91×	1.74×	3.16×
P/S	1.82×	1.58×	7.96×	11.26×	4×	4.11×	8.16×	17.8×
EV / EBITDA	30.06×	42.61×	47.97×	46.68×	39.62×	57.45×	61.12×	114.25×
Gross margin	37.2%	28.3%	87.0%	79.9%	46.4%	34.2%	35.7%	28.8%
Operating margin	30.9%	23.9%	87.1%	81.5%	31.6%	20.8%	27.4%	20.6%
Net margin	22.8%	17.1%	37.4%	41.6%	22.5%	16.0%	17.6%	15.2%
Current ratio	38.26×	64.78×	30.45×	19.12×	2.24×	1.55×	1.78×	2.08×
Debt / equity	5.38×	4.93×	2.88×	1.85×	2.05×	2.13×	1.82×	1.9×
Interest coverage	0×	0×	101,729.5×	0×	144.98×	52.94×	3,555.06×	532.53×
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	15.5%	9.0%	5.7%	4.2%	4.7%	3.6%	3.8%	2.7%
Return on invested capital	2.4%	1.5%	2.5%	2.2%	1.5%	1.2%	1.4%	0.9%
Return on assets	2.3%	1.4%	1.4%	1.4%	1.4%	1.0%	1.2%	0.9%
Free cash flow yield	40.2%	105.2%	13.9%	2.0%	1.2%	12.4%	7.6%	3.7%
Earnings yield	12.5%	10.8%	4.7%	3.7%	5.6%	3.9%	2.2%	0.9%
Enterprise value	₹1.3B	₹946.1M	₹628.2M	₹431.8M	₹398.5M	₹401.5M	₹450.9M	₹615.8M
Net debt / EBITDA	24.43×	36.47×	33.76×	28.88×	28.25×	40.19×	30.65×	41.4×
Cash conversion cycle (days)	3,477	4,048	9,397	8,547	5,667	61	6	46