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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
-60.0%
₹1,493.86
vs ₹3,738.20 price
Levered DCF
₹911.85
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
15.95
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E34.62×49.98×69.1×66.34×35.96×36.63×48.49×27.63×
P/B7.95×6.88×10.41×8.45×6.35×4.58×2.96×4.78×
P/S4.49×4.39×6.95×5.41×4.16×3.15×2.35×2.66×
EV / EBITDA21.82×26.69×38.5×36.57×21.46×18.7×20.56×15.7×
Gross margin32.3%46.4%43.8%41.8%46.6%43.6%42.9%43.4%
Operating margin17.3%10.8%12.0%10.6%14.7%11.2%5.0%12.0%
Net margin13.0%8.8%10.1%8.2%11.6%8.6%4.8%9.6%
Current ratio2.35×3.07×3.18×3.17×2.72×2.42×2.58×1.93×
Debt / equity0×0×0×0×0×0×0.02×0.02×
Interest coverage870×315.5×220×571.5×0×317×18.42×225.6×
Dividend yield1.3%1.7%0.9%0.8%1.3%1.6%0.0%0.2%
Payout ratio44.8%85.4%59.6%50.2%46.2%60.0%0.3%5.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity23.0%13.8%15.1%12.7%17.7%12.5%6.1%17.3%
Return on invested capital22.4%12.3%13.1%12.2%16.6%12.0%4.9%14.8%
Return on assets15.5%10.6%11.9%10.3%13.8%9.4%4.8%11.8%
Free cash flow yield-0.5%2.2%1.1%1.2%-0.4%5.2%-1.5%-1.6%
Earnings yield2.9%2.0%1.4%1.5%2.8%2.7%2.1%3.6%
Enterprise value₹67.4B₹49.8B₹75.3B₹57.3B₹40.4B₹25.6B₹16.1B₹24.4B
Net debt / EBITDA-0.15×-0.87×-0.56×-0.55×-0.34×-0.94×-0.4×-0.34×
Cash conversion cycle (days)184166169149183128181120