Inani Securities Ltd. (INANISEC.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

+55.4%

₹52.38

vs ₹33.70 price

Levered DCF

-₹5.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.83

Safe zone

Rating

C+

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	132.65×	19.32×	10.83×	25.72×	25.29×	18.97×	21.83×	38.97×
P/B	0.51×	0.56×	0.75×	0.66×	0.58×	0.45×	0.4×	0.33×
P/S	5.48×	7.54×	11.51×	11.06×	5.03×	3.95×	3.82×	3.39×
EV / EBITDA	4.56×	2.56×	4.77×	7.52×	4.72×	2.44×	2.16×	0.66×
Gross margin	61.1%	53.8%	19.1%	22.0%	64.4%	55.9%	55.3%	50.9%
Operating margin	5.7%	-26.8%	-83.8%	-112.5%	8.0%	2.9%	29.2%	22.8%
Net margin	4.1%	39.2%	106.3%	43.0%	19.9%	20.7%	17.5%	8.8%
Current ratio	9.62×	1.93×	1.95×	3.44×	2.36×	3.39×	3.23×	3.02×
Debt / equity	0.05×	0.07×	0.01×	0.01×	0.03×	0.06×	0.06×	0.22×
Interest coverage	0.52×	-1.58×	-4.58×	-16.88×	1.32×	0.43×	3.57×	0.87×
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	0.4%	2.9%	6.9%	2.6%	2.3%	2.3%	1.8%	0.9%
Return on invested capital	0.3%	-1.4%	-3.9%	-4.9%	0.7%	0.2%	2.3%	1.2%
Return on assets	0.3%	2.0%	4.8%	2.1%	1.6%	1.9%	1.4%	0.7%
Free cash flow yield	0.0%	-10.0%	-7.2%	-28.5%	8.7%	21.6%	19.9%	-32.4%
Earnings yield	0.8%	5.2%	9.2%	3.9%	4.0%	5.3%	4.6%	2.6%
Enterprise value	₹16.3M	₹33.5M	₹111.7M	₹82.8M	₹46.6M	₹24.6M	₹20.1M	₹4.3M
Net debt / EBITDA	-23.59×	-5.84×	-1.33×	-3.02×	-5.43×	-5.04×	-4.9×	-7.57×
Cash conversion cycle (days)	-2,270	-3,269	-2,385	-1,317	-2,388	-459	-321	604