Huhtamaki India Limited (HUHTAMAKI.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

+457.4%

₹1,192.08

vs ₹213.87 price

Levered DCF

₹1,789.10

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.11

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.53×	23.48×	5.44×	30.34×	-75.88×	24.67×	10.97×	42.18×
P/B	1.24×	1.73×	1.94×	1.99×	2.4×	3.1×	2.67×	2.64×
P/S	0.67×	0.83×	0.87×	0.5×	0.65×	0.97×	0.73×	0.63×
EV / EBITDA	7.26×	11.89×	4.05×	10.71×	23.81×	10.74×	6.76×	7.64×
Gross margin	31.8%	9.8%	30.3%	25.1%	26.9%	11.7%	32.8%	31.1%
Operating margin	5.8%	2.2%	19.9%	2.1%	0.3%	5.2%	8.6%	6.3%
Net margin	4.9%	3.5%	16.1%	1.7%	-0.9%	3.9%	6.7%	1.5%
Current ratio	2.38×	2.06×	2.15×	1.44×	1.34×	1.45×	1.35×	1.82×
Debt / equity	0.11×	0.12×	0.22×	0.54×	0.58×	0.39×	0.39×	0.72×
Interest coverage	8.01×	3.09×	16.75×	1.91×	0.32×	4.87×	6.86×	3.63×
Dividend yield	0.9%	1.8%	0.7%	0.5%	1.3%	1.0%	1.5%	1.8%
Payout ratio	12.8%	42.9%	3.7%	15.6%	-100.0%	23.7%	16.1%	77.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	7.4%	35.6%	6.6%	-3.2%	12.5%	24.4%	6.3%
Return on invested capital	7.1%	3.0%	29.2%	4.7%	0.5%	9.6%	18.6%	4.6%
Return on assets	5.9%	4.5%	20.5%	2.8%	-1.3%	6.1%	11.2%	2.4%
Free cash flow yield	11.4%	3.7%	8.0%	2.4%	-6.2%	5.1%	11.6%	2.3%
Earnings yield	7.4%	4.3%	18.4%	3.3%	-1.3%	4.1%	9.1%	2.4%
Enterprise value	₹16.5B	₹21.7B	₹23.4B	₹18.7B	₹21B	₹26B	₹20.9B	₹18.3B
Net debt / EBITDA	0.22×	0.55×	0.19×	2.1×	4.32×	0.94×	0.74×	1.49×
Cash conversion cycle (days)	31	48	40	51	52	55	41	65