Indrayani Biotech Limited (INDRANIB.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

-2200.6%

-₹161.75

vs ₹7.70 price

Levered DCF

-₹139.43

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 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	15.06×	-11.7×	29.5×	22.16×	23.46×	-1.94×	3.76×	-46.67×
P/B	0.45×	0.99×	2.99×	3.51×	4.32×	1.1×	0.1×	-3.84×
P/S	0.24×	0.55×	1.21×	1.19×	1.7×	1.03×	0.06×	0×
EV / EBITDA	16.26×	22.18×	12.69×	12.24×	17.38×	-7.4×	5.17×	43.07×
Gross margin	18.4%	36.4%	21.4%	37.3%	33.3%	25.2%	34.9%	0.0%
Operating margin	3.9%	2.2%	11.9%	8.6%	9.9%	-7.4%	3.5%	0.0%
Net margin	1.6%	-4.7%	3.8%	5.4%	7.2%	-53.2%	1.6%	0.0%
Current ratio	1.71×	1.74×	1.67×	1.08×	1.01×	0.78×	1.4×	0.3×
Debt / equity	1.76×	1.89×	1.67×	1.27×	0.78×	0.79×	0.45×	-0.98×
Interest coverage	0.56×	0.25×	1.97×	2.47×	3.24×	-0.79×	1.54×	-5,070.07×
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	3.0%	-8.4%	9.5%	15.9%	18.4%	-56.9%	2.6%	8.2%
Return on invested capital	2.3%	1.2%	9.9%	11.4%	14.1%	-4.4%	4.0%	-2038.2%
Return on assets	0.9%	-2.3%	2.7%	5.6%	8.6%	-28.0%	1.6%	-959.4%
Free cash flow yield	55.0%	-11.4%	-23.3%	-14.1%	2.8%	-2.0%	81.3%	-8.3%
Earnings yield	6.6%	-8.5%	3.2%	4.5%	4.3%	-51.6%	26.5%	-2.1%
Enterprise value	₹1.6B	₹2.1B	₹3.1B	₹2.6B	₹1.2B	₹365.9M	₹153.8M	₹31.5M
Net debt / EBITDA	12.88×	14.57×	4.54×	3.15×	2.47×	-3.01×	4.15×	8.69×
Cash conversion cycle (days)	238	380	170	69	53	31	74	0