Indus Finance Limited (INDUSFINL.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

-165.5%

-₹236.85

vs ₹361.70 price

Levered DCF

₹189.90

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

13.12

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.61×	30.54×	19.75×	69.12×	-3.35×	14.94×	-63.71×	64.29×
P/B	1.62×	1.45×	0.62×	1.41×	0.52×	0.57×	0.65×	0.44×
P/S	3.99×	5.77×	7.11×	11.28×	36.24×	2.49×	3.55×	5.62×
EV / EBITDA	19.45×	28.55×	54.04×	65.74×	-13.14×	22.47×	-194.04×	80.49×
Gross margin	68.3%	51.1%	59.9%	80.8%	-27.2%	67.7%	86.0%	99.0%
Operating margin	31.2%	23.4%	0.8%	18.8%	-480.5%	19.6%	-4.5%	5.4%
Net margin	21.4%	18.6%	36.0%	16.5%	-1082.2%	16.5%	-5.6%	8.7%
Current ratio	0×	2.3×	0×	0.53×	0.28×	0.05×	0.04×	10.46×
Debt / equity	0.48×	0.87×	0.58×	0.24×	0.38×	0.46×	0.63×	0.46×
Interest coverage	0×	6,772×	0.02×	558.5×	-1,000.73×	840.71×	-528.5×	7.1×
Dividend yield	1.2%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	23.1%	26.3%	0.0%	0.3%	-0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	4.7%	3.1%	2.1%	-15.4%	3.8%	-1.0%	0.7%
Return on invested capital	7.0%	2.5%	0.0%	1.7%	-4.4%	6.8%	-1.6%	0.5%
Return on assets	5.8%	2.5%	1.9%	1.6%	-10.5%	2.6%	-0.6%	0.7%
Free cash flow yield	-6.8%	29.5%	75.0%	2.8%	-30.8%	12.5%	-1.9%	-0.3%
Earnings yield	5.4%	3.2%	5.1%	1.5%	-29.9%	6.6%	-1.6%	1.6%
Enterprise value	₹482.9M	₹533.6M	₹286.6M	₹314M	₹196.3M	₹134.4M	₹162M	₹258.2M
Net debt / EBITDA	4.41×	10.66×	26.1×	9.46×	-5.56×	9.98×	-95.14×	41.3×
Cash conversion cycle (days)	0	1,700	3,012	-19,449	-29,210	-7,119	-23,073	-461,672