The Karur Vysya Bank Limited (KARURVYSYA.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

-39.2%

₹208.02

vs ₹342.35 price

Levered DCF

-₹41.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.39

Distress zone

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	11.14×	8.87×	9.33×	7.56×	5.5×	12.35×	5.72×	22.71×
P/B	1.98×	1.2×	1.24×	0.81×	0.41×	0.53×	0.2×	0.75×
P/S	2.13×	1.31×	1.33×	0.95×	0.49×	0.58×	0.19×	0.71×
EV / EBITDA	7.33×	2.87×	4.22×	2.4×	-0.48×	-0.13×	-5.43×	6.11×
Gross margin	47.6%	50.5%	53.1%	57.0%	54.8%	51.2%	49.1%	49.1%
Operating margin	25.2%	23.7%	22.4%	19.5%	14.6%	8.4%	3.8%	4.8%
Net margin	19.1%	17.7%	17.1%	15.0%	10.6%	5.6%	3.3%	3.1%
Current ratio	0×	0.11×	0.1×	0.1×	0.1×	0.12×	0.1×	0.09×
Debt / equity	0.19×	0.1×	0.25×	0.17×	0.18×	0.36×	0.14×	0.23×
Interest coverage	0.54×	0.48×	0.48×	0.45×	0.32×	0.17×	0.07×	0.09×
Dividend yield	0.7%	1.3%	1.3%	1.8%	1.3%	0.0%	4.3%	1.1%
Payout ratio	8.3%	9.9%	10.0%	11.6%	6.0%	0.2%	24.8%	26.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.8%	16.3%	16.0%	12.9%	8.9%	5.2%	3.6%	3.3%
Return on invested capital	1.8%	11.6%	10.1%	8.4%	6.0%	3.2%	2.6%	2.3%
Return on assets	1.8%	1.6%	1.5%	1.2%	0.8%	0.5%	0.3%	0.3%
Free cash flow yield	10.2%	-60.2%	12.8%	16.6%	7.7%	88.8%	176.1%	-12.2%
Earnings yield	9.0%	13.5%	12.9%	15.9%	21.8%	9.7%	17.5%	4.4%
Enterprise value	₹252.8B	₹77.7B	₹92.9B	₹37B	-₹5B	-₹888M	-₹21.2B	₹25.9B
Net debt / EBITDA	-0.78×	-2.44×	-1.45×	-2.12×	-3.42×	-5.76×	-8.87×	-5.21×
Cash conversion cycle (days)	0	62	81	92	75	53	43	71