Indo Thai Securities Limited (INDOTHAI.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

+649.4%

₹210.21

vs ₹28.05 price

Levered DCF

-₹51.54

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

5.04

Safe zone

Rating

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	53.28×	24.57×	18.11×	-2.94×	3.99×	0.55×	-0.13×	-2.87×
P/B	12.46×	1.13×	0.4×	0.36×	0.62×	0.1×	0.03×	0.07×
P/S	33.92×	13.59×	1.21×	3.74×	7.84×	0.43×	-0.17×	1.15×
EV / EBITDA	42.41×	17.48×	1.53×	-2.67×	3.13×	-0.01×	-0.29×	93.5×
Gross margin	92.0%	39.6%	71.7%	2.4%	9.6%	77.1%	135.5%	14.1%
Operating margin	79.8%	21.8%	67.6%	-71.8%	-61.3%	112.5%	182.4%	-58.7%
Net margin	63.7%	55.3%	66.7%	-116.1%	196.4%	78.3%	133.3%	-40.0%
Current ratio	1.63×	3.59×	0.06×	1.75×	0.93×	1.5×	1.17×	8.79×
Debt / equity	0.08×	0.02×	0.08×	0.05×	0.02×	0×	0.15×	0.12×
Interest coverage	31.92×	4.31×	28.2×	-27.31×	-3.95×	18.82×	-11.61×	-1.96×
Dividend yield	0.0%	0.3%	5.5%	4.8%	2.5%	0.0%	87.4%	32.1%
Payout ratio	1.8%	7.3%	10.0%	-15.4%	10.1%	0.0%	-11.1%	-91.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.4%	4.6%	21.9%	-11.1%	15.5%	18.4%	-24.1%	-2.3%
Return on invested capital	22.6%	1.3%	30.1%	-4.6%	-4.1%	20.1%	-22.6%	-1.9%
Return on assets	17.7%	3.6%	13.2%	-6.1%	9.1%	12.9%	-15.4%	-1.6%
Free cash flow yield	-0.6%	-7.4%	-17.0%	4.5%	8.6%	58.5%	886.9%	73.4%
Earnings yield	1.9%	4.1%	55.1%	-31.1%	25.0%	183.1%	-785.9%	-34.9%
Enterprise value	₹35.6B	₹2B	₹319.3M	₹220.1M	₹393.3M	-₹2.6M	₹33.1M	-₹172.2M
Net debt / EBITDA	0.25×	0.2×	0.14×	-0.14×	-0.02×	-0.33×	-0.17×	113.91×
Cash conversion cycle (days)	-2,162	-1,081	-1,877	-2,494	-3,347	-2,645	-4,206	-2,191