Indokem Limited (INDOKEM.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

-92.9%

₹44.88

vs ₹634.70 price

Levered DCF

-₹20.50

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	737.84×	168.51×	-46.1×	-191.48×	40.6×	20.57×	45.29×	-24.21×
P/B	21.4×	8.84×	4.86×	4.1×	3.29×	1.91×	0.8×	1×
P/S	8.15×	3.07×	1.74×	1.57×	1.01×	0.78×	0.26×	0.36×
EV / EBITDA	178.74×	67.6×	-509.68×	74.18×	23.82×	12.98×	10.62×	30.9×
Gross margin	19.0%	31.5%	16.1%	15.3%	11.3%	24.2%	7.7%	21.2%
Operating margin	1.4%	3.0%	-2.2%	0.3%	2.9%	6.7%	0.6%	-2.2%
Net margin	1.1%	1.8%	-3.8%	-0.8%	2.5%	3.8%	0.6%	-1.5%
Current ratio	1.78×	1.25×	1.23×	1.42×	1.66×	1.56×	1.38×	1.43×
Debt / equity	0.42×	0.36×	0.38×	0.36×	0.35×	0.29×	0.29×	0.31×
Interest coverage	0.71×	1.91×	-1.19×	0.16×	2.43×	4.27×	0.44×	-1.53×
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	2.9%	5.1%	-10.5%	-2.1%	8.1%	9.3%	1.8%	-4.1%
Return on invested capital	2.2%	5.6%	-4.2%	0.5%	6.3%	11.6%	1.4%	-4.4%
Return on assets	1.3%	2.3%	-4.8%	-1.1%	3.8%	4.5%	0.8%	-1.9%
Free cash flow yield	-0.8%	0.7%	0.9%	-0.5%	-1.5%	1.0%	5.5%	-8.4%
Earnings yield	0.1%	0.6%	-2.2%	-0.5%	2.5%	4.8%	2.2%	-4.1%
Enterprise value	₹14B	₹5.7B	₹3.1B	₹2.7B	₹1.3B	₹697.3M	₹312.1M	₹364.6M
Net debt / EBITDA	2.98×	2.28×	-34.1×	5.46×	2.2×	1.61×	2.75×	6.94×
Cash conversion cycle (days)	82	43	49	59	70	58	52	40