Innovana Thinklabs Ltd. (INNOVANA.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

+82.2%

₹519.99

vs ₹285.40 price

Levered DCF

₹865.92

After debt service

Piotroski score

—

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	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	18×	15.27×	27.07×	11.88×	11.22×
P/B	2.52×	3.32×	6.84×	2.87×	2.71×
P/S	5.19×	6.6×	11.08×	4.04×	4.05×
EV / EBITDA	16.04×	10.83×	19.18×	8.66×	8.1×
Gross margin	62.0%	74.2%	68.6%	62.0%	62.2%
Operating margin	26.6%	47.4%	40.2%	37.1%	41.3%
Net margin	28.8%	42.7%	40.6%	34.0%	36.1%
Current ratio	2.38×	2.59×	1.97×	0.78×	1.23×
Debt / equity	0.21×	0.22×	0.14×	0.11×	0.2×
Interest coverage	7.66×	13.45×	24.63×	26.11×	25.95×
Dividend yield	0.0%	0.0%	0.0%	0.5%	0.5%
Payout ratio	0.0%	0.0%	1.3%	5.7%	6.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	14.0%	21.5%	25.1%	24.2%	24.1%
Return on invested capital	7.9%	14.3%	16.6%	19.7%	19.1%
Return on assets	10.4%	15.9%	19.6%	15.7%	13.2%
Free cash flow yield	3.7%	2.8%	-1.0%	-0.5%	-17.2%
Earnings yield	5.6%	6.5%	3.7%	8.4%	8.9%
Enterprise value	₹7.3B	₹7.2B	₹11.3B	₹3.3B	₹2.4B
Net debt / EBITDA	1.02×	0.5×	0.29×	0.22×	0.32×
Cash conversion cycle (days)	142	177	110	39	-113