IDFC First Bank Limited (IDFCFIRSTB.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

-97.2%

₹2.03

vs ₹73.34 price

Levered DCF

-₹55.52

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.27

Distress zone

Rating

Overall 2 / 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	31.84×	28.02×	18.02×	13.83×	189.05×	63.3×	-3.55×	-12×
P/B	1.08×	1.1×	1.64×	1.33×	1.17×	1.71×	0.66×	1.27×
P/S	1.06×	0.97×	1.46×	1.26×	1.19×	1.61×	0.6×	1.94×
EV / EBITDA	28.17×	24.39×	22.23×	22.05×	137.54×	82.33×	-29.75×	-198.84×
Gross margin	60.1%	60.4%	61.8%	63.0%	64.0%	54.9%	39.5%	26.5%
Operating margin	3.7%	4.3%	10.6%	12.2%	0.8%	2.7%	-13.9%	-27.0%
Net margin	3.3%	3.4%	8.1%	9.1%	0.6%	2.5%	-16.8%	-16.0%
Current ratio	0.04×	0.16×	7.11×	2.58×	3.18×	0.64×	0.37×	1.67×
Debt / equity	0.77×	1.02×	1.83×	2.42×	2.71×	2.71×	3.75×	3.51×
Interest coverage	0.09×	0.11×	0.28×	0.33×	0.02×	0.06×	-0.23×	-0.37×
Dividend yield	0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.3%
Payout ratio	18.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-16.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.4%	3.9%	9.1%	9.6%	0.6%	2.7%	-18.5%	-10.5%
Return on invested capital	1.5%	0.5%	1.0%	47.0%	0.5%	3.5%	207.8%	-55.9%
Return on assets	0.4%	0.4%	1.0%	1.0%	0.1%	0.3%	-1.9%	-1.1%
Free cash flow yield	11.8%	-90.3%	8.1%	6.9%	8.9%	43.9%	104.3%	74.1%
Earnings yield	3.1%	3.6%	5.5%	7.2%	0.5%	1.6%	-28.2%	-8.3%
Enterprise value	₹751.5B	₹658.6B	₹997.6B	₹830.4B	₹766.6B	₹709.3B	₹602.6B	₹774B
Net debt / EBITDA	8.95×	8.85×	10.41×	12.93×	93.36×	46.76×	-24.76×	-139.6×
Cash conversion cycle (days)	5	21	9	-759	-1,034	-42	-3,451	-794