Hirect Limited (HIRECT.NS) 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

-425.2%

-₹3,047.64

vs ₹937.10 price

Levered DCF

₹642.88

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 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	50.39×	43.85×	83.37×	-50.46×	39.26×	36.96×	10.35×	16.92×
P/B	10.87×	10.2×	8.38×	2.87×	2.85×	1.98×	2×	2.55×
P/S	2.27×	2.49×	2.02×	0.89×	0.82×	0.65×	0.64×	0.78×
EV / EBITDA	29.95×	25.52×	31.11×	85.98×	16.91×	13.78×	7.27×	9.97×
Gross margin	13.7%	27.0%	25.3%	22.1%	22.3%	22.5%	30.0%	26.9%
Operating margin	7.0%	17.4%	8.1%	2.8%	5.5%	5.8%	11.5%	8.9%
Net margin	4.5%	5.7%	2.4%	-1.8%	2.1%	1.7%	6.2%	4.6%
Current ratio	1.12×	1.22×	1.21×	1.23×	1.47×	1.4×	1.39×	1.5×
Debt / equity	1.17×	1.03×	1.08×	0.94×	0.7×	0.84×	0.94×	0.81×
Interest coverage	4.4×	8.63×	3.13×	1.19×	2.79×	1.94×	4.73×	3.25×
Dividend yield	0.2%	0.1%	0.0%	0.2%	0.2%	0.7%	0.4%	0.0%
Payout ratio	7.6%	5.5%	0.0%	-10.4%	8.5%	24.9%	4.3%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.6%	23.2%	10.0%	-5.7%	7.3%	5.3%	19.3%	15.1%
Return on invested capital	10.7%	25.5%	11.2%	3.3%	7.6%	6.8%	12.8%	11.3%
Return on assets	6.8%	8.9%	3.8%	-2.2%	3.2%	2.2%	7.6%	6.4%
Free cash flow yield	-1.2%	0.8%	1.9%	-6.6%	5.3%	5.0%	-5.6%	-2.6%
Earnings yield	2.0%	2.3%	1.2%	-2.0%	2.5%	2.7%	9.7%	5.9%
Enterprise value	₹25.1B	₹17.9B	₹11.8B	₹4.3B	₹3.8B	₹2.8B	₹2.8B	₹2.6B
Net debt / EBITDA	2.86×	2.33×	3.56×	21.13×	3.32×	4.11×	2.3×	2.4×
Cash conversion cycle (days)	103	112	113	131	107	151	155	136