Hercules Investments Ltd (HERCULES.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

-78.0%

₹24.24

vs ₹110.35 price

Levered DCF

₹7.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.65

Safe 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	38.94×	86.78×	192.32×	5.53×	29.75×	45.95×	12.43×	29.36×
P/B	0.43×	0.57×	1.79×	0.81×	0.72×	0.72×	0.48×	0.88×
P/S	33.71×	0×	9.46×	3.79×	4.11×	4.56×	1.95×	3.68×
EV / EBITDA	37.52×	85.13×	32.84×	4.66×	20.66×	28.44×	8.16×	19.39×
Gross margin	100.0%	0.0%	44.5%	20.6%	33.9%	36.1%	41.3%	39.7%
Operating margin	89.8%	0.0%	26.0%	9.9%	5.4%	2.1%	3.3%	6.8%
Net margin	86.7%	0.0%	20.0%	68.5%	13.8%	9.9%	15.6%	12.5%
Current ratio	168.9×	14.62×	3.23×	4.65×	4.99×	6.2×	9.97×	6.89×
Debt / equity	0×	0×	0.01×	0.01×	0×	0×	0×	0×
Interest coverage	0×	0×	84.23×	27.07×	610.86×	186.9×	144.34×	0×
Dividend yield	0.0%	2.6%	0.5%	1.3%	1.6%	1.6%	3.6%	1.3%
Payout ratio	0.0%	229.3%	22.2%	7.3%	48.2%	74.2%	44.6%	37.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.1%	0.7%	3.8%	14.6%	2.4%	1.6%	3.8%	3.0%
Return on invested capital	1.0%	-0.1%	3.5%	1.8%	0.7%	0.3%	0.7%	1.3%
Return on assets	1.0%	0.6%	3.4%	13.3%	2.2%	1.5%	3.7%	2.8%
Free cash flow yield	-0.4%	2.8%	1.5%	0.9%	2.1%	4.1%	5.1%	2.3%
Earnings yield	2.6%	1.2%	2.1%	18.1%	3.4%	2.2%	8.0%	3.4%
Enterprise value	₹3B	₹4.8B	₹16.9B	₹5.6B	₹4.3B	₹3.5B	₹1.6B	₹3.7B
Net debt / EBITDA	-0×	-0.14×	-0.13×	-0.08×	-0.66×	-0.27×	-0.12×	-0.24×
Cash conversion cycle (days)	-2,285	-142,958	39	97	156	238	357	291