High Energy Batteries Ltd. (HIGHENE.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

-42.8%

₹307.31

vs ₹536.95 price

Levered DCF

₹253.75

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

11.8

Safe zone

Rating

A-

Overall 4 / 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	30.15×	30.11×	32.46×	14.07×	15.14×	8.02×	6.62×	94.73×
P/B	4.16×	4.63×	6.35×	3.92×	4.88×	3.51×	1.56×	2.23×
P/S	5.56×	5.7×	7.13×	3.12×	3.43×	1.9×	0.6×	0.91×
EV / EBITDA	24.36×	20.49×	22.07×	9.71×	9.87×	5.83×	4.74×	12.45×
Gross margin	39.0%	69.6%	41.6%	66.1%	66.0%	65.3%	34.8%	28.1%
Operating margin	22.1%	45.1%	28.7%	36.0%	35.9%	37.4%	23.7%	13.1%
Net margin	18.4%	18.9%	22.0%	22.1%	22.6%	23.6%	9.1%	1.0%
Current ratio	3.65×	3.77×	4.01×	1.98×	1.74×	1.39×	1.11×	0.88×
Debt / equity	0.1×	0.11×	0.05×	0.28×	0.44×	0.83×	1.37×	2.1×
Interest coverage	9.93×	24.66×	11.46×	10.77×	7.67×	5.72×	2.62×	1.1×
Dividend yield	0.6%	0.6%	0.6%	0.9%	1.0%	0.0%	0.0%	0.0%
Payout ratio	17.5%	17.5%	18.3%	13.1%	14.9%	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%	15.4%	19.6%	27.9%	32.2%	43.7%	23.6%	2.3%
Return on invested capital	10.8%	23.6%	17.3%	25.3%	24.2%	26.9%	15.8%	7.7%
Return on assets	11.2%	12.2%	15.8%	17.9%	18.2%	19.6%	7.5%	0.5%
Free cash flow yield	2.0%	0.2%	3.5%	2.2%	5.7%	5.7%	29.0%	12.1%
Earnings yield	3.3%	3.3%	3.1%	7.1%	6.6%	12.5%	15.1%	1.0%
Enterprise value	₹4.8B	₹4.7B	₹5.6B	₹3.1B	₹2.9B	₹1.8B	₹695.9M	₹800.1M
Net debt / EBITDA	0.59×	0.49×	0.16×	0.63×	0.68×	0.96×	2.21×	5.98×
Cash conversion cycle (days)	395	674	399	521	533	436	258	266