IndoStar Capital Finance Limited (INDOSTAR.NS) 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

-73.4%

₹51.58

vs ₹193.88 price

Levered DCF

-₹2,177.99

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

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	19.5×	35.62×	23.48×	6.29×	-3.55×	-14.99×	-7.06×	15.63×
P/B	0.72×	1.18×	0.84×	0.46×	0.92×	1×	0.85×	1.25×
P/S	1.97×	3.37×	2.94×	1.3×	2.47×	3.13×	1.52×	3.37×
EV / EBITDA	24.09×	23.98×	27.1×	19.72×	-12.66×	237.46×	-68.81×	18.3×
Gross margin	53.4%	52.4%	45.7%	35.2%	50.3%	46.7%	51.1%	60.1%
Operating margin	19.1%	39.9%	37.2%	66.1%	-21.0%	18.2%	-15.9%	49.8%
Net margin	10.1%	9.5%	12.5%	20.7%	-67.3%	-18.1%	-21.6%	21.6%
Current ratio	0.09×	1×	1.14×	1.22×	0.52×	1.02×	1.19×	0.82×
Debt / equity	1.45×	1.9×	2.34×	1.82×	2.12×	1.62×	2.49×	3.01×
Interest coverage	0×	1.33×	1.33×	10.13×	-1.42×	0.96×	-0.86×	2.27×
Dividend yield	0.0%	0.0%	0.0%	0.0%	2.2%	0.0%	1.0%	0.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-7.9%	0.0%	-6.9%	4.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.7%	3.3%	3.6%	7.2%	-25.1%	-5.8%	-12.1%	8.0%
Return on invested capital	1.2%	4.8%	3.2%	7.7%	-2.1%	2.2%	-1.9%	2.9%
Return on assets	1.5%	0.9%	1.0%	2.5%	-7.6%	-2.1%	-3.4%	2.0%
Free cash flow yield	-0.5%	-25.2%	-81.7%	62.1%	-59.2%	28.6%	74.3%	-56.2%
Earnings yield	5.1%	2.8%	4.3%	15.9%	-27.2%	-5.8%	-14.2%	6.4%
Enterprise value	₹79.1B	₹111.1B	₹96.8B	₹68.8B	₹88.5B	₹94.3B	₹88B	₹117.4B
Net debt / EBITDA	15.75×	14.72×	19.48×	15.67×	-8.79×	144.24×	-50.9×	12.43×
Cash conversion cycle (days)	-0	24	57	618	-4,269	47	1,072	842