Harmony Capital Services Limited (HRMNYCP.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

-100.2%

-₹0.18

vs ₹107.80 price

Levered DCF

₹0.19

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

—

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	94.99×	-31.37×	-259.32×	135×	-1,485×	-234.47×	-135×	742.5×
P/B	25.21×	25.75×	12.76×	9.49×	8.86×	10.14×	9.71×	9.77×
P/S	0×	0×	2,675.02×	76.53×	226.72×	2,827.03×	-370×	131.38×
EV / EBITDA	94.83×	-31.29×	-182×	131.47×	-1,511.97×	-231.43×	-135.25×	682.08×
Gross margin	0.0%	0.0%	68.8%	92.3%	75.9%	-155.7%	100.0%	100.0%
Operating margin	0.0%	0.0%	-1439.1%	55.5%	-15.2%	-1219.6%	125.8%	82.7%
Net margin	0.0%	0.0%	-1051.6%	55.9%	-15.3%	-1216.7%	272.4%	17.7%
Current ratio	6.76×	2.64×	3.35×	92.44×	57.75×	254.39×	205.06×	352.42×
Debt / equity	0×	0×	0×	0×	0.01×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	-105.39×	-1,310.77×	0×	0×
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	26.5%	-82.1%	-5.0%	6.9%	-0.6%	-4.4%	-7.2%	1.3%
Return on invested capital	-12.6%	-0.3%	-5.0%	6.9%	-0.6%	-4.4%	-3.3%	5.7%
Return on assets	22.7%	-51.7%	-3.5%	6.9%	-0.6%	-4.3%	-7.1%	1.3%
Free cash flow yield	-0.1%	-2.2%	3.9%	-0.7%	-0.3%	-0.2%	0.5%	0.0%
Earnings yield	1.1%	-3.2%	-0.4%	0.7%	-0.1%	-0.4%	-0.7%	0.1%
Enterprise value	₹252.2M	₹189M	₹166.3M	₹127.7M	₹116M	₹133.1M	₹132.9M	₹144M
Net debt / EBITDA	-0.21×	0.12×	5.31×	-6.22×	2.84×	1.04×	0.84×	-0.68×
Cash conversion cycle (days)	0	0	-6,826	88	-2	3,574	0	0