IL&FS Investment Managers Limited (IVC.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

-135.6%

-₹2.82

vs ₹7.94 price

Levered DCF

₹3.71

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	52×	21.86×	30.94×	15.53×	26.8×	15.2×	-4.32×	-9.9×
P/B	1.05×	1.4×	1.54×	0.86×	1×	0.57×	0.27×	0.62×
P/S	3.07×	9.88×	5.99×	2.87×	5.05×	2.59×	1.64×	1.68×
EV / EBITDA	21.17×	-342.72×	107.82×	12.34×	64.48×	5.11×	9.46×	3.7×
Gross margin	99.7%	66.2%	77.4%	78.7%	63.7%	64.6%	40.6%	57.4%
Operating margin	13.6%	-3.6%	4.7%	20.0%	4.7%	14.1%	-13.6%	7.1%
Net margin	5.9%	45.2%	19.5%	18.6%	18.7%	17.0%	-38.0%	-16.9%
Current ratio	0×	19.09×	12.17×	12.12×	19.76×	17.49×	16.98×	18.71×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	12.7%	7.7%	8.9%	8.7%	4.5%	15.8%	15.8%	12.6%
Payout ratio	660.9%	167.2%	274.2%	134.4%	120.9%	239.6%	-68.0%	-125.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.0%	6.4%	5.0%	5.5%	3.7%	3.8%	-6.2%	-6.3%
Return on invested capital	1.9%	-0.4%	0.8%	4.0%	0.7%	2.7%	-2.0%	2.1%
Return on assets	1.6%	5.5%	4.1%	4.5%	3.1%	3.1%	-5.3%	-5.1%
Free cash flow yield	13.8%	-3.2%	-2.1%	-0.4%	3.0%	8.8%	-38.2%	50.3%
Earnings yield	1.9%	4.6%	3.3%	6.5%	3.7%	6.6%	-23.2%	-10.1%
Enterprise value	₹1.9B	₹2.8B	₹2.9B	₹1.6B	₹1.4B	₹348.4M	-₹411.6M	₹581.3M
Net debt / EBITDA	-0.69×	11.11×	-7.12×	-1.8×	-31.69×	-12.4×	23.18×	-5.8×
Cash conversion cycle (days)	-38,807	169	-16	-108	4	-353	50	122