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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
+229.8%
₹3,484.91
vs ₹1,056.70 price
Levered DCF
-₹20,472.42
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.9
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E17.28×23.07×26.54×28.55×36.19×36.25×48.8×100.87×
P/B2.14×3.56×3.83×3.59×4.28×2.63×4.16×8.82×
P/S4.86×6.77×8.28×9.4×14.08×8.9×11.21×19.59×
EV / EBITDA26.81×32.7×33.55×34.3×37.59×40.79×53.92×89.03×
Gross margin56.8%36.8%40.2%46.3%44.6%36.6%29.9%31.3%
Operating margin39.9%26.8%29.3%34.6%33.4%26.1%15.9%18.1%
Net margin28.1%28.8%31.2%32.9%38.9%24.6%23.0%19.4%
Current ratio4.47×110.44×6.21×422.1×1.47×1.37×0.8×34.15×
Debt / equity2.43×3.79×3.44×2.65×2.2×2.21×2.67×3.68×
Interest coverage0×11.46×9.4×12.48×7.55×6.23×58.7×29.04×
Dividend yield0.4%0.3%0.3%0.0%0.0%0.0%0.0%0.0%
Payout ratio7.1%7.9%7.5%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity12.4%15.2%14.4%12.6%11.8%7.3%8.5%8.7%
Return on invested capital3.4%1.9%1.2%2.4%2.6%1.8%1.2%1.1%
Return on assets3.6%3.1%3.2%3.4%3.6%2.2%2.3%1.8%
Free cash flow yield6.6%-24.6%-23.6%-22.4%-12.0%-6.2%-21.4%-17.3%
Earnings yield5.8%4.3%3.8%3.5%2.8%2.8%2.0%1.0%
Enterprise value₹194.8B₹179.2B₹148.4B₹110.9B₹95.8B₹64.8B₹62.3B₹63.5B
Net debt / EBITDA13.96×16.33×15.2×14.15×11.17×17.92×20.31×24.39×
Cash conversion cycle (days)2,48744455,8119249556125