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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
-5.4%
₹27,366.58
vs ₹28,935.00 price
Levered DCF
₹35,518.71
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
11.3
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E44.33×56.93×67.98×73.45×103.44×91.25×46.58×54.64×
P/B5.22×7.38×9.45×10.09×12.37×16.28×10.51×11.22×
P/S4.97×7.12×8.4×9.33×11.9×13.8×6.96×6.18×
EV / EBITDA25.35×45.81×53.14×61.14×80.44×69.51×35.63×38.53×
Gross margin19.4%38.8%42.6%46.5%47.1%49.3%49.7%47.7%
Operating margin11.8%20.5%25.7%27.0%27.7%31.5%32.4%29.1%
Net margin11.2%12.5%12.4%12.7%11.5%15.1%14.9%11.3%
Current ratio3.52×3.57×3.72×3.34×3.23×2.79×2.53×2.27×
Debt / equity0.02×0.02×0.02×0.01×0.02×0.03×0.04×0×
Interest coverage56.89×72.22×127.24×160.54×107.84×118.73×106.34×142.2×
Dividend yield0.4%0.3%0.2%0.2%0.2%0.2%0.2%0.2%
Payout ratio17.7%16.9%16.8%18.2%22.1%14.4%9.7%9.5%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity11.8%13.0%13.9%13.7%12.0%17.8%22.6%20.5%
Return on invested capital8.9%15.3%21.0%21.2%20.7%26.3%33.7%33.4%
Return on assets8.4%9.3%10.2%9.8%8.5%11.6%14.2%12.4%
Free cash flow yield2.6%1.3%1.2%1.2%0.7%0.8%1.2%1.5%
Earnings yield2.3%1.8%1.5%1.4%1.0%1.1%2.1%1.8%
Enterprise value₹195.8B₹267.8B₹313.2B₹317.3B₹348.5B₹418.2B₹227.1B₹193.9B
Net debt / EBITDA-4.79×-5.18×-4.69×-0.86×-0.54×-0.26×-0.29×-0.43×
Cash conversion cycle (days)125374124-23-40-42