IRIS RegTech Solutions Limited (IRIS.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

-69.1%

₹62.71

vs ₹203.01 price

Levered DCF

₹789.55

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B+

Overall 3 / 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	3.43×	56.34×	26.79×	31.8×	193.75×	71.99×	630.6×	-48.81×
P/B	2.16×	9.88×	5.69×	4.3×	7.08×	11.44×	12.08×	12.32×
P/S	3.37×	5.94×	2.28×	1.84×	3.15×	5.21×	5.84×	7.46×
EV / EBITDA	38.31×	37.75×	14.68×	12.31×	24.58×	25.85×	39.58×	931.82×
Gross margin	47.2%	43.6%	53.4%	31.7%	28.7%	29.4%	44.2%	36.5%
Operating margin	6.3%	13.4%	11.0%	6.7%	3.2%	9.6%	3.2%	-6.7%
Net margin	98.4%	10.3%	8.5%	5.8%	1.6%	7.2%	0.9%	-15.3%
Current ratio	3.52×	2.43×	2.07×	0.04×	1.49×	1.29×	1.12×	0.95×
Debt / equity	0.01×	0.06×	0.16×	0.18×	0.24×	0.24×	0.45×	0.53×
Interest coverage	14.43×	21.42×	9.76×	4.83×	1.83×	3.2×	1.04×	-1.68×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	63.0%	17.2%	21.2%	13.5%	3.7%	15.9%	1.9%	-25.3%
Return on invested capital	3.2%	13.9%	18.0%	-0.4%	3.1%	15.2%	3.5%	-7.3%
Return on assets	50.1%	10.4%	11.3%	6.1%	1.7%	7.3%	0.7%	-9.6%
Free cash flow yield	22.6%	2.8%	3.4%	2.4%	-0.8%	3.5%	0.4%	0.1%
Earnings yield	29.2%	1.7%	3.7%	3.1%	0.5%	1.4%	0.2%	-2.1%
Enterprise value	₹3.9B	₹7.2B	₹2.3B	₹1.3B	₹1.9B	₹3B	₹3.1B	₹3.1B
Net debt / EBITDA	-4.29×	-1.6×	-0.36×	-0.1×	0.24×	0.19×	1.32×	31.49×
Cash conversion cycle (days)	62	66	126	99	205	188	275	92