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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
-75.1%
₹65.77
vs ₹264.15 price
Levered DCF
₹49.18
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
6.74
Safe zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020
P/E43.28×53.04×41.92×96.91×137.92×-3,073.57×204.9×
P/B5.45×7.55×6.28×19.29×24.03×29.51×25.68×
P/S5.61×8.12×6.87×7.9×9.62×14.51×13.13×
EV / EBITDA26.03×32.41×28.29×35.86×49.66×117×76.63×
Gross margin57.9%81.8%80.0%79.7%55.5%49.6%54.5%
Operating margin17.0%19.0%18.5%18.4%16.1%8.0%12.6%
Net margin12.9%15.3%16.5%8.2%7.0%-0.5%6.4%
Current ratio3.02×4.51×3.87×1.58×1.46×1.18×1.3×
Debt / equity0.38×0.29×0.05×1.28×1.69×1.78×1.15×
Interest coverage7.83×22.7×7.52×3.88×2.69×1×2.28×
Dividend yield0.1%0.1%0.1%0.1%0.0%0.0%0.1%
Payout ratio3.4%3.4%3.2%7.0%0.0%0.0%20.7%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020
Return on equity12.6%14.2%15.1%19.9%17.4%-1.0%12.5%
Return on invested capital8.8%10.2%15.2%10.7%9.6%-8.3%9.9%
Return on assets8.1%10.1%13.8%7.4%5.6%-0.3%4.9%
Free cash flow yield-2.8%-0.7%0.4%0.6%0.6%-1.7%0.3%
Earnings yield2.3%1.9%2.4%1.0%0.7%-0.0%0.5%
Enterprise value₹89.3B₹105.4B₹73.8B₹73.9B₹74.5B₹74.6B₹63.4B
Net debt / EBITDA1.53×0.92×0.15×1.62×2.61×6.37×3.2×
Cash conversion cycle (days)-15-113-50-85-29-3128