Jay Bharat Maruti Limited (JAYBARMARU.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

+127.9%

₹278.28

vs ₹122.11 price

Levered DCF

₹93.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.45

Grey zone

Rating

Overall 2 / 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	5.86×	19.8×	41.22×	15.19×	21.82×	18.9×	7.69×	11.11×
P/B	1.18×	1.16×	2.47×	1.13×	1.29×	1.1×	0.51×	1.43×
P/S	0.32×	0.28×	0.58×	0.25×	0.3×	0.35×	0.14×	0.31×
EV / EBITDA	4.67×	7.11×	10.61×	5.19×	6.59×	6.12×	4.63×	5.53×
Gross margin	13.7%	22.4%	5.2%	5.3%	11.5%	17.3%	17.3%	16.3%
Operating margin	7.4%	13.7%	12.5%	4.0%	3.7%	5.0%	5.2%	6.0%
Net margin	5.5%	1.4%	1.4%	1.6%	1.4%	1.9%	1.8%	2.8%
Current ratio	0.85×	0.61×	0.63×	0.67×	0.59×	0.5×	0.48×	0.62×
Debt / equity	0.76×	0.96×	0.82×	0.66×	0.8×	0.82×	1.05×	1×
Interest coverage	4.3×	8.78×	7.24×	2.56×	2.33×	2.13×	2.13×	3.31×
Dividend yield	0.9%	1.2%	0.6%	0.9%	0.9%	0.5%	3.0%	0.9%
Payout ratio	5.4%	23.0%	23.5%	14.3%	19.2%	10.3%	23.1%	10.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.1%	5.8%	6.0%	7.5%	5.9%	5.8%	6.7%	12.9%
Return on invested capital	12.3%	16.9%	17.6%	6.4%	5.1%	4.8%	5.5%	7.8%
Return on assets	7.6%	2.0%	2.1%	2.9%	2.1%	2.1%	2.3%	4.3%
Free cash flow yield	1.4%	-10.1%	3.2%	15.1%	4.5%	22.7%	7.0%	-11.1%
Earnings yield	17.1%	5.1%	2.4%	6.6%	4.6%	5.3%	13.0%	9.0%
Enterprise value	₹13.5B	₹11.9B	₹17.7B	₹9.1B	₹9.9B	₹8.6B	₹6.6B	₹9.8B
Net debt / EBITDA	1.83×	3.22×	2.63×	1.89×	2.51×	2.61×	3.11×	2.27×
Cash conversion cycle (days)	12	0	7	1	3	-0	0	6