HLV Limited (HLVLTD.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

-196.7%

-₹5.27

vs ₹5.45 price

Levered DCF

-₹11.95

After debt service

Piotroski score

3 / 9

Weak

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	190.67×	31.63×	78.19×	76.25×	-13.86×	-10.09×	1.03×	-5.93×
P/B	0.84×	1.77×	4.19×	1.44×	1.44×	0.86×	0.43×	2.66×
P/S	1.97×	4.06×	9.32×	3.49×	8.11×	19.16×	1.36×	4.58×
EV / EBITDA	12.08×	16.88×	46.59×	25.03×	-23.23×	-20.73×	-26.51×	-152.02×
Gross margin	53.4%	70.9%	62.8%	57.9%	47.9%	-27.8%	47.6%	48.2%
Operating margin	-2.5%	54.4%	8.7%	3.0%	-43.8%	-246.0%	-32.1%	-6.9%
Net margin	1.0%	12.9%	12.0%	4.4%	-58.2%	-189.9%	133.0%	-77.1%
Current ratio	1.75×	1.77×	1.84×	0.96×	1.47×	0.77×	0.65×	1.18×
Debt / equity	0.07×	0.09×	0.08×	0.08×	0.12×	0.14×	0.11×	13.6×
Interest coverage	-1.63×	49.64×	7.39×	1.02×	-13.59×	-20.25×	-51.45×	403.78×
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%	-0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.4%	5.6%	5.4%	1.8%	-10.3%	-8.5%	42.4%	-44.8%
Return on invested capital	-1.0%	21.4%	3.6%	1.0%	-6.8%	-9.3%	-8.8%	-0.3%
Return on assets	0.3%	4.1%	4.1%	1.4%	-7.6%	-6.0%	29.4%	-2.8%
Free cash flow yield	4.0%	2.8%	1.3%	5.9%	-8.2%	-8.0%	53.6%	29.6%
Earnings yield	0.5%	3.2%	1.3%	1.3%	-7.2%	-9.9%	97.5%	-16.8%
Enterprise value	₹3B	₹7.3B	₹18.9B	₹6.2B	₹6.4B	₹4.2B	₹2.3B	₹42.9B
Net debt / EBITDA	-4.04×	-2.25×	0.79×	0.76×	-1.62×	-2.72×	-3.82×	-126.99×
Cash conversion cycle (days)	-320	-404	-324	-275	-450	631	-111	-92