Incap Ltd. (INCAP.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

-75.0%

₹17.01

vs ₹68.00 price

Levered DCF

-₹377.37

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.58

Grey zone

Rating

B-

Overall 3 / 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	118.14×	59.71×	50.95×	26.7×	26.83×	16.97×	27.62×	20.71×
P/B	2.48×	2.94×	2.12×	1.11×	1.36×	0.64×	0.79×	1.33×
P/S	1.26×	1.42×	1.76×	1.08×	1.26×	0.69×	0.84×	1.13×
EV / EBITDA	28.1×	26.61×	19.46×	4.17×	4.75×	-78.89×	-0.51×	16.55×
Gross margin	10.0%	11.3%	31.9%	25.8%	26.0%	29.2%	27.9%	28.4%
Operating margin	2.2%	3.9%	21.2%	2.3%	1.1%	-2.0%	1.9%	4.3%
Net margin	1.1%	2.4%	3.5%	4.1%	4.7%	4.0%	3.0%	5.5%
Current ratio	1.65×	1.57×	2.02×	1.95×	1.93×	1.53×	1.24×	1.35×
Debt / equity	0.05×	0.33×	0.17×	0.07×	0.12×	0.12×	0.04×	0.06×
Interest coverage	2.12×	2.87×	20.43×	1.77×	0.98×	-1.63×	0.48×	1.92×
Dividend yield	1.3%	1.1%	1.5%	2.9%	2.4%	5.2%	4.2%	2.6%
Payout ratio	152.3%	64.2%	76.7%	77.4%	64.0%	87.8%	116.8%	52.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.1%	4.9%	4.2%	4.2%	5.1%	3.8%	2.9%	6.4%
Return on invested capital	2.7%	4.6%	15.6%	1.6%	0.7%	-1.4%	1.3%	3.3%
Return on assets	1.2%	2.7%	2.4%	2.4%	2.7%	1.6%	1.2%	4.0%
Free cash flow yield	12.0%	-13.4%	-18.2%	-9.2%	-17.9%	28.5%	87.4%	-13.3%
Earnings yield	0.8%	1.7%	2.0%	3.8%	3.7%	5.9%	3.6%	4.8%
Enterprise value	₹379.1M	₹501.5M	₹287.4M	₹62.2M	₹85.1M	-₹61.1M	-₹8M	₹181.2M
Net debt / EBITDA	-1.42×	1.24×	-3.64×	-7.68×	-7.23×	-207.23×	-8.36×	-1.8×
Cash conversion cycle (days)	92	104	73	-75	-110	-335	-429	-0