INOX India Limited (INOXINDIA.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

-103.9%

-₹72.47

vs ₹1,865.70 price

Levered DCF

₹346.85

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	41.36×	40.82×	56.29×	55.13×	65.37×	88.76×	92.79×	48.5×
P/B	9.54×	10.59×	16.99×	15.53×	16.99×	22.96×	30.53×	40.7×
P/S	6.76×	7.23×	9.78×	8.83×	11.25×	14.7×	13.14×	13.26×
EV / EBITDA	31.67×	28.29×	39.54×	38.35×	45.76×	58.17×	64.06×	58.5×
Gross margin	29.1%	43.7%	43.8%	40.1%	41.4%	45.0%	56.3%	62.3%
Operating margin	19.3%	20.2%	20.5%	19.9%	20.5%	22.9%	46.4%	52.6%
Net margin	16.3%	17.7%	17.4%	16.0%	17.2%	16.6%	14.2%	30.1%
Current ratio	1.78×	1.69×	1.8×	1.69×	1.99×	1.77×	1.58×	1.11×
Debt / equity	0.07×	0.05×	0.02×	0.02×	0.11×	0.18×	0.55×	1.36×
Interest coverage	34.31×	30.46×	48.57×	52.16×	66.97×	19.42×	0×	20.91×
Dividend yield	0.2%	0.0%	0.9%	1.2%	0.1%	0.0%	0.0%	0.0%
Payout ratio	7.0%	0.0%	50.9%	67.5%	3.5%	1.9%	1.2%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.1%	25.9%	30.2%	28.2%	26.0%	25.9%	32.9%	92.3%
Return on invested capital	19.0%	20.8%	24.7%	24.8%	20.5%	21.5%	45.0%	67.5%
Return on assets	12.8%	13.7%	16.0%	13.5%	14.6%	14.0%	14.6%	26.7%
Free cash flow yield	0.0%	1.3%	0.2%	1.5%	0.6%	2.6%	2.0%	0.8%
Earnings yield	2.4%	2.4%	1.8%	1.8%	1.5%	1.1%	1.1%	2.3%
Enterprise value	₹107.2B	₹92.9B	₹110.4B	₹85.3B	₹85.8B	₹86B	₹86.6B	₹87.8B
Net debt / EBITDA	0.17×	0.12×	0.04×	-0.01×	0.28×	0.44×	0.93×	1.65×
Cash conversion cycle (days)	267	301	276	308	270	219	279	391