IEL Limited (INDXTRA.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

-102.7%

-₹0.16

vs ₹5.70 price

Levered DCF

-₹0.41

After debt service

Piotroski score

3 / 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	407.86×	48.6×	101.43×	13.1×	61.38×	24.57×	20.45×	18.86×
P/B	1.67×	0.47×	21.28×	32.11×	9.46×	1.92×	0.28×	1.45×
P/S	77.62×	3.41×	1.51×	3.05×	31.01×	3.55×	0.12×	1.16×
EV / EBITDA	214.29×	-4.53×	69.89×	12.79×	50.13×	18.76×	6.61×	29.69×
Gross margin	100.0%	18.3%	5.2%	19.1%	7.7%	8.9%	3.4%	6.5%
Operating margin	-6.9%	9.1%	2.0%	14.5%	5.2%	-25.4%	-4.7%	-16.1%
Net margin	19.0%	7.0%	1.5%	23.3%	50.5%	14.4%	0.6%	6.1%
Current ratio	56.3×	67.45×	2.18×	1.99×	1.88×	1.33×	0.86×	1.03×
Debt / equity	0.02×	0.03×	0.74×	0.93×	0.44×	0.52×	0.56×	0.57×
Interest coverage	-0.9×	351.75×	630.26×	546.87×	13.65×	-101.71×	-51.99×	0×
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	0.4%	1.0%	21.0%	244.8%	15.4%	7.8%	1.4%	7.7%
Return on invested capital	-0.1%	0.9%	12.0%	79.0%	0.8%	-6.5%	-4.8%	-8.3%
Return on assets	0.4%	0.9%	6.8%	66.9%	6.9%	3.4%	0.5%	3.0%
Free cash flow yield	-16.1%	10.1%	-1.9%	2.3%	0.7%	-16.7%	115.7%	1.4%
Earnings yield	0.2%	2.1%	1.0%	7.6%	1.6%	4.1%	4.9%	5.3%
Enterprise value	₹761.2M	-₹28M	₹265.2M	₹310.3M	₹203.3M	₹42.2M	₹7.4M	₹31.3M
Net debt / EBITDA	2.33×	-38.5×	1.29×	-0×	1.74×	3.79×	2.55×	7.8×
Cash conversion cycle (days)	-266,972	-32	23	14	532	60	-59	-8