Isgec Heavy Engineering Limited (ISGEC.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

+219.7%

₹2,940.51

vs ₹919.85 price

Levered DCF

₹7,429.82

After debt service

Piotroski score

5 / 9

Average

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	58.22×	31.72×	28.03×	16.33×	34.68×	17×	29.16×	29.5×
P/B	2.32×	2.89×	2.72×	1.39×	1.78×	2.08×	2.36×	2.78×
P/S	0.93×	1.23×	1.11×	0.51×	0.69×	0.8×	0.74×	0.83×
EV / EBITDA	10.27×	13.93×	14.44×	9.24×	15.11×	10.06×	14.21×	13.27×
Gross margin	21.4%	21.2%	13.0%	13.1%	26.9%	21.0%	20.4%	29.5%
Operating margin	4.1%	7.4%	21.9%	5.6%	3.8%	6.9%	3.6%	4.7%
Net margin	1.6%	3.9%	4.0%	3.1%	2.0%	4.7%	2.5%	2.8%
Current ratio	1.39×	1.35×	1.28×	1.32×	1.29×	1.29×	1.25×	1.36×
Debt / equity	0.35×	0.31×	0.32×	0.54×	0.58×	0.49×	0.56×	0.2×
Interest coverage	3.25×	12.15×	15.99×	3.92×	2.39×	5.62×	3.34×	5.33×
Dividend yield	0.6%	0.4%	0.4%	0.5%	0.3%	0.4%	0.6%	0.1%
Payout ratio	37.7%	12.9%	10.3%	8.8%	9.5%	6.9%	18.5%	3.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.0%	9.1%	9.7%	8.5%	5.1%	12.3%	8.1%	9.4%
Return on invested capital	3.3%	8.2%	26.8%	6.4%	4.1%	7.5%	4.5%	6.8%
Return on assets	1.3%	3.1%	3.1%	2.8%	1.6%	3.8%	2.4%	2.8%
Free cash flow yield	9.4%	-2.8%	7.2%	1.6%	-3.6%	-0.4%	-7.9%	-8.6%
Earnings yield	1.7%	3.2%	3.6%	6.1%	2.9%	5.9%	3.4%	3.4%
Enterprise value	₹69B	₹86.2B	₹75B	₹42.8B	₹49.1B	₹50.4B	₹50.2B	₹44.1B
Net debt / EBITDA	0.82×	1.15×	1.29×	2.31×	3.49×	1.65×	2.29×	0.59×
Cash conversion cycle (days)	179	178	214	171	171	131	113	115