Ishan Dyes & Chemicals Limited (ISHANCH.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

-593.6%

-₹215.96

vs ₹43.75 price

Levered DCF

-₹240.49

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.25

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-15.45×	78.75×	701.33×	-64.74×	6.66×	5.25×	7.24×	11.85×
P/B	0.77×	0.83×	0.86×	0.76×	0.79×	1.03×	1.1×	1.53×
P/S	1.5×	0.85×	1.15×	1.2×	0.77×	0.82×	0.73×	0.76×
EV / EBITDA	29.16×	18.95×	25.42×	33.56×	4.97×	4.2×	5.35×	7.38×
Gross margin	4.6%	18.7%	16.8%	17.9%	32.0%	24.2%	31.9%	30.7%
Operating margin	-1.5%	4.7%	0.7%	-2.4%	14.8%	32.1%	23.1%	21.9%
Net margin	-9.7%	1.1%	0.2%	-1.9%	11.6%	15.7%	10.2%	6.4%
Current ratio	1.09×	0.99×	1.57×	2.47×	2.99×	2.52×	3.43×	1.69×
Debt / equity	0.65×	0.89×	0.58×	0.22×	0.22×	0.15×	0.04×	0.36×
Interest coverage	-0.16×	1×	0.21×	-1.06×	9.61×	65.48×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	3.0%	2.4%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	19.7%	12.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.0%	1.0%	0.1%	-1.2%	11.8%	19.6%	15.2%	12.9%
Return on invested capital	-0.5%	1.2%	0.1%	-1.2%	8.9%	25.3%	25.7%	20.5%
Return on assets	-2.8%	0.5%	0.1%	-0.9%	8.8%	14.2%	12.3%	7.9%
Free cash flow yield	-32.1%	-35.6%	-48.3%	-11.1%	-24.3%	-9.0%	-2.4%	-3.6%
Earnings yield	-6.5%	1.3%	0.1%	-1.5%	14.9%	19.1%	13.8%	8.4%
Enterprise value	₹2B	₹1.8B	₹1.5B	₹1B	₹861.4M	₹764.9M	₹606.6M	₹631.2M
Net debt / EBITDA	13.25×	9.8×	10.21×	7.43×	1.07×	0.51×	0.11×	1.39×
Cash conversion cycle (days)	256	128	216	231	254	136	103	88