Lehar Footwears Limited (LEHAR.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

-1053.4%

-₹1,620.70

vs ₹170.00 price

Levered DCF

-₹1,015.75

After debt service

Piotroski score

5 / 9

Average

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	13.88×	34.63×	28.9×	20.3×	17.81×	36.69×	340.25×	17.55×
P/B	2.18×	3.35×	2.19×	1.17×	0.63×	0.6×	0.38×	0.68×
P/S	0.67×	1.36×	1.16×	0.51×	0.32×	0.24×	0.24×	0.41×
EV / EBITDA	8.75×	16.51×	15.36×	11.23×	9.17×	7.62×	7.19×	7.1×
Gross margin	19.3%	28.7%	15.0%	27.5%	30.0%	8.1%	21.1%	21.1%
Operating margin	7.7%	7.7%	7.4%	5.4%	4.6%	3.9%	4.6%	8.2%
Net margin	4.8%	3.9%	3.4%	2.5%	1.8%	0.7%	0.1%	2.4%
Current ratio	1.41×	1.31×	1.4×	1.3×	1.35×	1.36×	1.23×	1.25×
Debt / equity	0.44×	0.58×	0.66×	0.74×	0.81×	0.56×	0.74×	0.71×
Interest coverage	6.31×	3.01×	2.46×	2.16×	1.61×	1.49×	0.85×	1.61×
Dividend yield	0.3%	0.1%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	4.2%	4.8%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.7%	9.7%	6.4%	5.8%	3.5%	1.6%	0.1%	3.9%
Return on invested capital	12.3%	8.6%	5.9%	5.2%	3.1%	4.1%	2.4%	5.4%
Return on assets	7.6%	4.2%	3.0%	2.3%	1.5%	0.7%	0.0%	1.7%
Free cash flow yield	1.9%	3.0%	-2.8%	-13.9%	-45.0%	33.4%	14.0%	25.6%
Earnings yield	7.2%	2.9%	2.9%	4.9%	5.6%	2.7%	0.3%	5.7%
Enterprise value	₹3.4B	₹4.4B	₹2.9B	₹1.7B	₹994.6M	₹686.5M	₹643.8M	₹766.7M
Net debt / EBITDA	1.36×	2.25×	3.41×	4.29×	5.06×	3.66×	4.68×	3.52×
Cash conversion cycle (days)	85	124	162	140	181	79	177	191