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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
-42.5%
₹302.66
vs ₹526.30 price
Levered DCF
₹350.17
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
4.87
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E23.95×28.17×45.54×20.63×36.03×37.26×44.96×21.24×
P/B2.61×3.46×6×2.68×6.95×7.03×0.69×2.74×
P/S2.72×3.86×5.84×2.47×6.7×6.54×0.53×1.92×
EV / EBITDA11.76×17.7×26.73×12.51×26.38×27.34×13.09×20.44×
Gross margin12.2%38.7%46.1%48.1%50.9%46.0%39.7%42.1%
Operating margin12.2%28.3%35.7%38.3%48.7%-5.4%-24.0%-19.1%
Net margin11.4%13.3%12.8%12.0%18.6%17.5%1.2%9.1%
Current ratio2.11×2.08×2.04×1.75×1.85×1.71×1.3×1.54×
Debt / equity0.05×0.03×0.02×0.01×0.01×0.06×0.29×0.13×
Interest coverage58.86×91.74×162.33×131.41×126.17×-6.21×-14.71×-17.22×
Dividend yield1.2%0.5%0.2%0.6%0.0%0.0%0.0%0.0%
Payout ratio27.9%14.5%10.5%13.1%0.2%0.5%0.0%0.1%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity10.9%11.9%13.2%13.0%19.3%18.9%1.5%12.9%
Return on invested capital8.1%18.1%24.6%30.1%42.1%-4.9%-18.3%-24.3%
Return on assets7.5%8.6%9.4%9.3%13.5%12.9%0.9%8.1%
Free cash flow yield4.1%2.7%1.6%0.2%2.6%3.6%-12.7%-6.5%
Earnings yield4.2%3.4%2.2%4.8%2.8%2.7%2.2%4.7%
Enterprise value₹79.4B₹93.9B₹144.8B₹54.5B₹124.5B₹97.3B₹9.3B₹28.5B
Net debt / EBITDA-0.49×-0.48×-0.27×-0.15×-0.27×-0.17×2.92×0.42×
Cash conversion cycle (days)4914812595-23919476