Jyoti Resins and Adhesives Limited (JYOTIRES.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

+133.7%

₹2,005.04

vs ₹858.00 price

Levered DCF

₹562.53

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 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	12.13×	20.47×	26.24×	32.87×	44.57×	17.26×	5.68×	18.6×
P/B	2.94×	6.55×	10.6×	14.4×	14.09×	4.78×	1.62×	5.18×
P/S	2.7×	5.28×	6.85×	5.84×	4.84×	2.07×	0.63×	0.59×
EV / EBITDA	7.56×	14.55×	19.1×	24.21×	31.5×	12.05×	3.39×	10.18×
Gross margin	58.8%	69.0%	65.2%	46.7%	38.1%	48.6%	29.6%	15.9%
Operating margin	26.4%	30.9%	34.8%	23.5%	14.5%	16.2%	15.2%	4.0%
Net margin	22.2%	26.0%	26.1%	17.8%	10.9%	12.0%	11.0%	3.2%
Current ratio	2.85×	2.3×	2.15×	1.31×	1.19×	0.99×	1.08×	1.05×
Debt / equity	0×	0×	0×	0×	0×	0.01×	0.04×	0.09×
Interest coverage	830.4×	1,255.57×	1,792×	1,937.22×	573.95×	214.44×	129.26×	31.71×
Dividend yield	1.3%	0.7%	0.4%	0.2%	0.1%	0.5%	0.0%	0.0%
Payout ratio	15.4%	14.6%	10.7%	6.5%	6.1%	8.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.2%	32.2%	40.4%	43.8%	31.6%	27.7%	28.5%	27.9%
Return on invested capital	20.7%	28.4%	40.0%	43.5%	31.3%	27.6%	27.1%	21.7%
Return on assets	16.4%	20.1%	24.8%	22.0%	13.0%	8.4%	6.7%	2.7%
Free cash flow yield	2.6%	0.9%	1.4%	-0.1%	-0.6%	-2.8%	11.4%	6.9%
Earnings yield	8.2%	4.9%	3.8%	3.0%	2.2%	5.8%	17.6%	5.4%
Enterprise value	₹7.3B	₹14.6B	₹17.3B	₹15.2B	₹8.6B	₹2B	₹393.9M	₹340.2M
Net debt / EBITDA	-1.23×	-0.4×	-0.31×	-0.06×	-0.87×	-0.41×	-0.57×	-2.04×
Cash conversion cycle (days)	182	128	113	104	152	211	53	304