Hybrid Financial Services Limited (HYBRIDFIN.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

+229.1%

₹50.41

vs ₹15.32 price

Levered DCF

-₹5.26

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 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	17.39×	9.24×	13.26×	43.53×	22.91×	96.92×	60×	50.4×
P/B	1.06×	0.9×	0.86×	0.96×	1.53×	1.53×	2.09×	2.01×
P/S	8.12×	8.65×	7.5×	6.33×	10.86×	15.73×	19.18×	23.03×
EV / EBITDA	15.5×	8.69×	10.08×	26.92×	11.91×	63.68×	49.71×	43.51×
Gross margin	88.9%	72.1%	67.3%	92.6%	73.9%	73.9%	56.5%	45.5%
Operating margin	29.0%	23.9%	14.5%	30.8%	19.8%	11.7%	-35.0%	-72.9%
Net margin	46.7%	93.6%	56.5%	14.7%	47.8%	16.8%	31.3%	43.6%
Current ratio	15.46×	12.66×	5.19×	35.29×	10.5×	20.58×	20.47×	37.45×
Debt / equity	0.02×	0.04×	0.07×	0.09×	0.09×	0.09×	0.15×	0.11×
Interest coverage	116.35×	377.38×	155.66×	30.93×	26.16×	35.46×	-69.13×	-37.07×
Dividend yield	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Payout ratio	0.5%	0.5%	1.1%	4.1%	1.3%	5.3%	3.5%	3.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.1%	9.8%	6.5%	2.2%	6.7%	1.6%	3.4%	3.8%
Return on invested capital	3.2%	2.0%	1.0%	2.1%	1.6%	0.6%	-1.9%	-3.4%
Return on assets	5.0%	7.7%	4.1%	1.4%	4.1%	1.0%	1.8%	2.1%
Free cash flow yield	4.1%	-10.4%	3.0%	-0.0%	0.2%	-0.0%	0.9%	1.8%
Earnings yield	5.7%	10.8%	7.5%	2.3%	4.4%	1.1%	1.6%	1.9%
Enterprise value	₹438.6M	₹344.6M	₹227.6M	₹216.1M	₹237.1M	₹375.9M	₹378.8M	₹383.5M
Net debt / EBITDA	-1.1×	-0.25×	-1.33×	-0.21×	-6.72×	0.85×	1.04×	1.42×
Cash conversion cycle (days)	-293	-68	-672	-737	-145	-349	-197	-155