Indag Rubber Limited (INDAG.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

-42.2%

₹59.69

vs ₹103.35 price

Levered DCF

₹62.12

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	22.22×	49.82×	23.47×	19.25×	62.73×	92.73×	10.26×	25.95×
P/B	0.98×	1.43×	1.67×	1.2×	0.79×	1.19×	0.74×	1.46×
P/S	1.05×	1.42×	1.51×	1.05×	0.98×	1.39×	0.74×	1.61×
EV / EBITDA	12.54×	189.76×	14.44×	11.69×	22.94×	32.48×	6.85×	14.48×
Gross margin	15.6%	28.0%	31.9%	28.0%	27.5%	36.2%	34.7%	32.9%
Operating margin	0.9%	15.6%	5.0%	4.5%	-1.1%	8.0%	7.0%	7.7%
Net margin	4.7%	2.9%	6.4%	5.4%	1.6%	1.5%	7.2%	6.2%
Current ratio	2.58×	3.82×	3.52×	3.41×	4.33×	3.24×	4.39×	4.62×
Debt / equity	0.08×	0.04×	0.04×	0.03×	0.03×	0×	0.06×	0.06×
Interest coverage	1.66×	30.96×	14.31×	22.68×	-6.21×	31.83×	34.45×	7.27×
Dividend yield	2.8%	2.4%	1.7%	2.5%	3.9%	1.0%	8.9%	2.2%
Payout ratio	62.1%	121.5%	39.4%	48.1%	245.0%	94.1%	91.8%	58.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.4%	2.9%	7.1%	6.2%	1.3%	1.3%	7.2%	5.6%
Return on invested capital	0.6%	11.5%	3.9%	3.8%	-0.8%	4.9%	5.0%	4.9%
Return on assets	3.3%	2.4%	5.9%	5.3%	1.1%	1.1%	6.0%	4.7%
Free cash flow yield	3.8%	-0.2%	1.7%	1.8%	2.9%	1.1%	-2.5%	-0.7%
Earnings yield	4.5%	2.0%	4.3%	5.2%	1.6%	1.1%	9.7%	3.9%
Enterprise value	₹2.4B	₹3.3B	₹3.8B	₹2.6B	₹1.7B	₹2.3B	₹1.5B	₹2.9B
Net debt / EBITDA	0.69×	3.55×	0.21×	0.21×	0.71×	-0.25×	0.44×	0.44×
Cash conversion cycle (days)	99	94	80	85	119	134	139	149