ICDS Limited (ICDSLTD.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

-68.5%

₹15.41

vs ₹49.00 price

Levered DCF

₹11.58

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

13.25

Safe zone

Rating

D+

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	48.92×	42.79×	25.64×	60.34×	9.16×	-4.18×	-27.82×	-12.06×
P/B	1.78×	2.07×	1.89×	0.89×	2.12×	1.16×	0.9×	0.87×
P/S	25.94×	15.52×	14.84×	10.09×	41.95×	20.68×	12.39×	11.49×
EV / EBITDA	56.46×	17.83×	18.63×	23.94×	8.57×	16.19×	-81.37×	-15.23×
Gross margin	54.4%	100.9%	85.8%	73.3%	62.5%	41.7%	18.7%	63.9%
Operating margin	24.0%	43.8%	49.5%	4.5%	340.6%	77.9%	-80.2%	-118.3%
Net margin	53.0%	36.3%	58.0%	16.8%	457.8%	-495.3%	-44.8%	-95.4%
Current ratio	6.27×	4.96×	24.79×	15.72×	14.56×	15.8×	6.68×	5.83×
Debt / equity	0×	0.01×	0.01×	0.01×	0.04×	0.04×	0.04×	0.06×
Interest coverage	8.23×	21.69×	22.94×	1.61×	59.4×	10.59×	-18.28×	-63.95×
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	3.6%	4.8%	7.4%	1.5%	23.1%	-27.8%	-3.3%	-7.3%
Return on invested capital	1.3%	2.7%	5.3%	0.3%	16.3%	-22.1%	-5.6%	-8.5%
Return on assets	3.3%	4.4%	7.1%	1.4%	21.9%	-26.3%	-3.1%	-6.8%
Free cash flow yield	5.1%	1.6%	0.4%	27.9%	-1.6%	-3.9%	-8.9%	-11.7%
Earnings yield	2.0%	2.3%	3.9%	1.7%	10.9%	-24.0%	-3.6%	-8.3%
Enterprise value	₹493.1M	₹602.1M	₹521.4M	₹230.2M	₹543.2M	₹232.2M	₹232.8M	₹237.9M
Net debt / EBITDA	-4.77×	0.05×	0.01×	0.23×	0.13×	0.52×	-2.83×	-0.84×
Cash conversion cycle (days)	1,088	568	625	-17	1,827	319	12	33