Him Teknoforge Ltd. (HIMTEK.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

-159.4%

-₹157.24

vs ₹264.70 price

Levered DCF

-₹380.48

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.35

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.8×	13.77×	14.65×	5.54×	7.97×	11.64×	5.81×	6.07×
P/B	0.71×	0.6×	0.58×	0.34×	0.43×	0.39×	0.13×	0.76×
P/S	0.4×	0.33×	0.3×	0.15×	0.2×	0.25×	0.08×	0.34×
EV / EBITDA	7.42×	6.75×	7.41×	5.34×	6.33×	6.67×	5.03×	5.1×
Gross margin	30.8%	43.9%	33.3%	12.0%	14.9%	17.4%	15.8%	16.2%
Operating margin	7.6%	6.8%	7.1%	6.8%	6.9%	9.2%	7.5%	8.1%
Net margin	2.9%	2.4%	2.1%	2.6%	2.5%	2.2%	1.5%	5.7%
Current ratio	1.47×	1.38×	1.33×	1.37×	1.34×	1.3×	1.22×	1.16×
Debt / equity	0.7×	0.68×	0.84×	0.86×	0.93×	0.98×	0.88×	0.86×
Interest coverage	1.82×	1.48×	1.52×	1.75×	1.63×	1.47×	1.03×	1.53×
Dividend yield	0.3%	0.3%	0.3%	0.5%	0.4%	0.3%	5.0%	0.3%
Payout ratio	3.8%	3.6%	4.4%	2.9%	3.6%	3.1%	29.2%	2.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	4.4%	4.0%	6.2%	5.4%	3.3%	2.2%	12.5%
Return on invested capital	5.5%	5.4%	5.1%	5.5%	5.2%	4.9%	4.1%	8.3%
Return on assets	2.5%	2.2%	1.7%	2.7%	2.3%	1.4%	1.0%	5.6%
Free cash flow yield	-19.0%	-15.8%	-2.2%	2.4%	13.6%	-9.6%	-20.1%	-10.7%
Earnings yield	7.2%	7.3%	6.8%	18.0%	12.5%	8.6%	17.2%	16.5%
Enterprise value	₹3.4B	₹2.8B	₹2.5B	₹2.1B	₹2.2B	₹2.1B	₹1.5B	₹2.4B
Net debt / EBITDA	3.66×	3.58×	4.38×	3.82×	4.32×	4.78×	4.39×	2.69×
Cash conversion cycle (days)	227	247	233	167	192	271	243	160