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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
-888.2%
-₹47.53
vs ₹6.03 price
Levered DCF
-₹81.01
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.67
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-17.67×1,790×-19.44×17.76×-57.58×5.97×-51.35×-51.35×
P/B0.24×9.44×0.54×0.39×0.31×0.49×0.07×0.54×
P/S0.64×19.04×1.12×0.93×0.59×0.42×0.08×0.67×
EV / EBITDA12.33×186.01×32.13×6.15×5.75×6.07×7.81×12.44×
Gross margin90.6%77.2%87.8%99.7%97.9%93.5%95.5%91.7%
Operating margin-2.5%3.8%-11.2%43.5%44.6%47.1%43.1%38.4%
Net margin-3.6%1.1%-5.8%5.2%-1.0%7.0%-0.2%-1.3%
Current ratio1×1.76×0.47×2.85×0.44×0.35×0.16×0.13×
Debt / equity0.17×0.16×0.21×0.17×0.25×0.94×1.16×0.9×
Interest coverage-0.83×1.25×-3.29×9.58×5.55×5.21×0×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-1.4%0.5%-2.8%2.2%-0.5%8.3%-0.1%-1.0%
Return on invested capital-0.7%1.4%-4.2%12.9%12.1%28.6%11.3%14.2%
Return on assets-1.1%0.4%-2.1%1.7%-0.4%4.0%-0.1%-0.5%
Free cash flow yield-7.9%-2.0%-22.1%-37.1%6.3%-1.2%-70.2%4.9%
Earnings yield-5.6%0.1%-5.2%5.6%-1.7%16.8%-1.9%-1.9%
Enterprise value₹249.4M₹5.9B₹365.1M₹285.3M₹213.1M₹280.5M₹220.9M₹258.1M
Net debt / EBITDA5.03×2.77×9.03×1.83×2.57×3.97×7.34×7.77×
Cash conversion cycle (days)16526312213,738710257272-171