Jay Ushin Limited (JAYUSH.BO) 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

-11.5%

₹635.92

vs ₹718.95 price

Levered DCF

-₹836.86

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

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	14.82×	19.86×	19.11×	14.93×	15.15×	-45.17×	67.6×	13.06×
P/B	1.93×	2.03×	2.5×	2.06×	2.12×	2.49×	2.34×	2.02×
P/S	0.27×	0.28×	0.38×	0.27×	0.28×	0.31×	0.27×	0.18×
EV / EBITDA	8.17×	7.55×	10.54×	6.6×	6.61×	9.64×	8.5×	6.85×
Gross margin	7.8%	19.8%	16.3%	16.5%	17.3%	16.5%	4.8%	5.1%
Operating margin	2.0%	2.4%	2.2%	2.5%	2.8%	0.4%	1.9%	2.5%
Net margin	1.8%	1.4%	2.0%	1.8%	1.8%	-0.7%	0.4%	1.4%
Current ratio	1.13×	0.94×	0.89×	0.85×	0.77×	0.78×	0.76×	0.82×
Debt / equity	1.04×	1.17×	1.35×	1.16×	1.44×	1.95×	1.89×	2.11×
Interest coverage	1.39×	1.22×	1.16×	1.3×	1.25×	0.19×	0.71×	1.31×
Dividend yield	0.6%	0.5%	0.4%	0.6%	0.0%	0.0%	0.8%	0.9%
Payout ratio	8.7%	9.5%	8.1%	8.7%	0.0%	0.0%	53.0%	12.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	10.2%	13.1%	13.8%	14.0%	-5.5%	3.5%	15.4%
Return on invested capital	6.2%	5.4%	5.3%	6.0%	6.1%	-8.0%	5.2%	7.7%
Return on assets	4.2%	3.1%	3.9%	3.7%	3.5%	-1.1%	0.7%	3.1%
Free cash flow yield	-7.8%	3.4%	-13.7%	1.2%	5.9%	0.7%	9.6%	2.1%
Earnings yield	6.7%	5.0%	5.2%	6.7%	6.6%	-2.2%	1.5%	7.7%
Enterprise value	₹4B	₹3.8B	₹4.2B	₹3.1B	₹3B	₹3.2B	₹3.2B	₹3.1B
Net debt / EBITDA	2.84×	2.76×	3.7×	2.37×	2.68×	4.22×	3.79×	3.47×
Cash conversion cycle (days)	42	35	53	32	35	32	19	27