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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
+44.0%
₹5,946.55
vs ₹4,128.80 price
Levered DCF
₹7,313.63
After debt service
Piotroski score
5 / 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 ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E43.02×41.75×52.59×45.26×45.79×29.8×23.04×24.29×
P/B17.89×18.33×20.15×14.3×9.14×4.78×5.12×4.7×
P/S7.91×8.36×9.76×7.18×5.54×3.49×2.76×2.66×
EV / EBITDA30.18×29.88×38.39×31.75×30.31×16.3×15.98×15.11×
Gross margin33.4%43.9%41.9%39.9%37.2%39.8%43.0%41.6%
Operating margin22.9%34.2%31.9%30.1%25.6%26.0%24.6%23.9%
Net margin18.4%20.0%18.6%15.9%12.1%11.7%12.0%11.0%
Current ratio1.87×2.3×2.57×2.61×2.51×2.56×2.5×2.5×
Debt / equity0.01×0.02×0.01×0.01×0.01×0.02×0.02×0×
Interest coverage212.17×718.96×184.48×143.73×91.25×95.03×66.65×2,639.49×
Dividend yield2.3%2.1%1.9%1.9%0.2%0.0%6.1%33.4%
Payout ratio98.6%88.5%99.4%86.4%8.6%0.0%139.5%811.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity41.6%43.9%38.3%31.6%20.0%16.1%22.2%19.3%
Return on invested capital37.7%54.2%47.9%43.8%30.8%23.0%34.4%26.7%
Return on assets25.6%28.7%26.1%21.3%12.8%10.8%15.3%13.5%
Free cash flow yield1.8%2.0%1.4%1.6%1.4%3.2%5.3%1.4%
Earnings yield2.3%2.4%1.9%2.2%2.2%3.4%4.3%4.1%
Enterprise value₹108.6B₹109.7B₹114.8B₹80B₹47.6B₹19.4B₹18B₹18.5B
Net debt / EBITDA-0.42×-0.55×-0.72×-1.07×-1.81×-1.85×-1.34×-0.93×
Cash conversion cycle (days)6561866964634752