H S India Limited (HOTLSILV.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

+162.1%

₹29.17

vs ₹11.13 price

Levered DCF

₹20.94

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 3 / 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	8.48×	14.62×	20.67×	16.02×	11.04×	-5.15×	6.41×	7.47×
P/B	0.41×	0.65×	0.9×	0.57×	0.43×	0.27×	0.29×	0.44×
P/S	0.53×	0.76×	1.08×	0.69×	0.67×	0.72×	0.33×	0.46×
EV / EBITDA	5.7×	7.16×	8.33×	6.47×	5.76×	13.19×	4.52×	4.13×
Gross margin	41.8%	42.9%	47.8%	77.4%	74.8%	50.5%	61.4%	60.2%
Operating margin	10.8%	11.5%	14.8%	10.7%	14.2%	-0.1%	12.7%	13.6%
Net margin	6.2%	5.2%	5.2%	4.3%	6.0%	-14.0%	5.1%	6.1%
Current ratio	6.19×	6.66×	5.7×	7.35×	10.75×	11.45×	7.81×	3.75×
Debt / equity	0.37×	0.51×	0.63×	0.71×	0.84×	0.73×	0.57×	0.53×
Interest coverage	2.39×	1.99×	2.09×	1.32×	1.38×	-0.01×	1.43×	1.93×
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%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.8%	4.4%	4.4%	3.5%	3.8%	-5.3%	4.4%	5.9%
Return on invested capital	4.6%	4.8%	6.2%	4.1%	4.4%	-0.0%	6.5%	5.9%
Return on assets	3.4%	2.8%	2.6%	2.0%	2.0%	-2.9%	2.7%	3.6%
Free cash flow yield	23.4%	-1.3%	10.2%	15.0%	28.1%	6.7%	31.9%	35.1%
Earnings yield	11.8%	6.9%	4.8%	6.2%	9.0%	-19.5%	15.5%	13.4%
Enterprise value	₹211M	₹311.4M	₹380.5M	₹280.9M	₹240.2M	₹206.9M	₹205.2M	₹258.8M
Net debt / EBITDA	1.98×	2.43×	2.3×	2.64×	2.88×	8.5×	2.73×	2.02×
Cash conversion cycle (days)	41	42	37	51	44	50	9	19