Linc Limited (LINC.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

+65.3%

₹151.99

vs ₹91.96 price

Levered DCF

₹54.99

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 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	15.74×	16.3×	22.6×	21×	50.63×	1,417.05×	2.78×	13.85×
P/B	2×	2.64×	0.95×	1.11×	0.72×	0.41×	0.39×	0.61×
P/S	0.95×	1.14×	0.38×	0.41×	0.29×	0.22×	0.14×	0.21×
EV / EBITDA	8.77×	9.56×	3.21×	2.93×	4.36×	5.57×	2.44×	4.88×
Gross margin	21.1%	39.6%	39.3%	39.9%	32.3%	31.8%	36.4%	29.0%
Operating margin	8.2%	25.0%	8.2%	9.0%	1.7%	-1.9%	6.6%	3.6%
Net margin	6.0%	7.0%	6.8%	7.8%	2.3%	0.0%	4.9%	1.5%
Current ratio	2.5×	2.38×	2.22×	2.56×	2.14×	1.92×	1.85×	1.74×
Debt / equity	0.1×	0.11×	0.13×	0.01×	0.02×	0.07×	0.35×	0.49×
Interest coverage	13.97×	46.19×	16.09×	68.61×	8.15×	-1.8×	4.73×	2.04×
Dividend yield	1.7%	1.2%	3.8%	1.4%	0.0%	4.0%	4.6%	2.9%
Payout ratio	27.3%	19.5%	21.7%	7.2%	0.0%	5690.8%	12.7%	40.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.7%	16.2%	16.7%	21.1%	5.7%	0.0%	14.1%	4.4%
Return on invested capital	10.9%	37.3%	12.9%	17.7%	2.9%	0.0%	11.1%	3.2%
Return on assets	9.1%	11.2%	11.0%	15.7%	4.0%	0.0%	7.8%	2.3%
Free cash flow yield	-0.8%	6.4%	4.9%	9.3%	6.0%	77.5%	45.7%	18.2%
Earnings yield	6.4%	6.1%	17.7%	19.0%	7.9%	0.1%	36.0%	7.2%
Enterprise value	₹5.2B	₹6.2B	₹2B	₹1.9B	₹1.1B	₹647.1M	₹1B	₹1.4B
Net debt / EBITDA	0.1×	-0.07×	0.18×	-0.1×	0.14×	0.78×	1.15×	2.16×
Cash conversion cycle (days)	77	76	84	78	73	107	107	115