India Pesticides Limited (IPL.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

-69.0%

₹36.08

vs ₹116.46 price

Levered DCF

-₹58.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.06

Safe zone

Rating

D+

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	12.05×	19.6×	41.64×	16.71×	19.48×	28.43×	54.04×	90.07×
P/B	1.43×	1.79×	3.04×	3.1×	4.82×	9.82×	14.89×	21.13×
P/S	1.37×	1.94×	3.69×	2.7×	4.34×	5.95×	7.97×	11.6×
EV / EBITDA	7.39×	12.19×	24.77×	11.48×	13.59×	20.33×	37.32×	56.77×
Gross margin	37.1%	36.0%	17.5%	45.2%	50.1%	52.7%	47.2%	45.1%
Operating margin	14.4%	12.2%	10.8%	21.0%	29.6%	48.1%	18.7%	18.0%
Net margin	11.3%	9.9%	8.9%	16.2%	22.3%	20.9%	14.8%	12.9%
Current ratio	3.19×	3.33×	4×	4.64×	4.12×	3.3×	2.82×	2.1×
Debt / equity	0.11×	0.07×	0.03×	0.02×	0.04×	0.08×	0.11×	0.31×
Interest coverage	20.6×	20.95×	16.81×	27.53×	30.65×	89.98×	17.16×	11.02×
Dividend yield	0.6%	0.5%	0.3%	0.4%	0.1%	0.1%	0.0%	0.0%
Payout ratio	7.2%	10.5%	14.4%	6.0%	2.3%	2.6%	1.1%	1.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.9%	9.1%	7.3%	18.5%	24.8%	34.5%	27.6%	23.5%
Return on invested capital	9.6%	7.7%	6.2%	17.4%	23.4%	53.9%	23.2%	17.6%
Return on assets	9.0%	7.2%	6.0%	15.6%	19.9%	26.0%	19.4%	13.8%
Free cash flow yield	-2.0%	-3.5%	1.5%	-1.3%	-0.2%	1.1%	1.2%	-0.3%
Earnings yield	8.3%	5.1%	2.4%	6.0%	5.1%	3.5%	1.9%	1.1%
Enterprise value	₹14.4B	₹16.4B	₹25.2B	₹23.9B	₹30.8B	₹38.5B	₹38.4B	₹40.1B
Net debt / EBITDA	-0.03×	0.2×	0.15×	0×	0.03×	0.15×	0.21×	0.81×
Cash conversion cycle (days)	208	236	181	201	183	118	109	155