IP Rings Limited (IPRINGLTD.BO) 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

-74.7%

₹34.14

vs ₹135.00 price

Levered DCF

-₹10.84

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

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	70.59×	-39.68×	-61.37×	66.88×	18.17×	19.39×	44.25×	16.71×
P/B	1.18×	1.73×	1.87×	1.01×	1.33×	0.91×	0.48×	1.31×
P/S	0.36×	0.58×	0.63×	0.35×	0.55×	0.49×	0.25×	0.64×
EV / EBITDA	7.13×	11.17×	11.42×	7.13×	7.35×	7.4×	5.5×	7.43×
Gross margin	20.8%	18.4%	17.8%	10.9%	14.4%	41.9%	41.3%	41.5%
Operating margin	3.7%	1.5%	1.9%	2.1%	5.6%	6.5%	4.8%	7.0%
Net margin	0.5%	-1.5%	-1.0%	0.5%	3.0%	2.5%	0.6%	3.9%
Current ratio	0.99×	0.89×	0.95×	0.99×	1.05×	0.98×	0.89×	1.12×
Debt / equity	1.19×	1.03×	0.82×	0.91×	1.01×	0.94×	0.81×	0.81×
Interest coverage	0.92×	0.39×	0.53×	0.62×	1.54×	1.75×	1.1×	1.94×
Dividend yield	0.0%	0.0%	0.6%	2.3%	1.3%	0.0%	3.1%	0.0%
Payout ratio	0.0%	-0.0%	-39.3%	152.0%	23.2%	0.0%	139.0%	0.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.7%	-4.4%	-3.0%	1.5%	7.3%	4.7%	1.1%	7.8%
Return on invested capital	3.3%	1.7%	3.0%	2.2%	4.9%	4.8%	3.2%	5.6%
Return on assets	0.5%	-1.5%	-1.1%	0.5%	2.7%	1.8%	0.5%	3.5%
Free cash flow yield	-22.0%	0.0%	7.8%	26.7%	-2.4%	14.4%	5.0%	-7.4%
Earnings yield	1.4%	-2.5%	-1.6%	1.5%	5.5%	5.2%	2.3%	6.0%
Enterprise value	₹2.4B	₹2.8B	₹2.8B	₹2.1B	₹2.6B	₹1.9B	₹1.2B	₹2.1B
Net debt / EBITDA	3.56×	4.12×	3.32×	3.29×	3.12×	3.62×	3.24×	2.72×
Cash conversion cycle (days)	65	38	39	45	85	92	99	136