LTM Limited (LTM.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

+17.1%

₹4,918.49

vs ₹4,202.00 price

Levered DCF

₹4,015.79

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

8.37

Safe zone

Rating

Overall 4 / 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	24.26×	32.55×	32.64×	32.72×	33.96×	45.84×	58.35×	58.48×
P/B	5.07×	6.59×	7.47×	9.02×	6.21×	12.15×	16.41×	18.11×
P/S	2.88×	3.94×	4.21×	4.21×	2.67×	3.4×	7.17×	8.15×
EV / EBITDA	15.19×	20.3×	21.13×	23.2×	14.53×	17.56×	32.49×	42.98×
Gross margin	28.1%	27.3%	28.8%	21.7%	22.9%	24.0%	23.8%	23.7%
Operating margin	15.5%	14.5%	15.7%	15.9%	16.4%	18.1%	19.5%	16.6%
Net margin	11.9%	12.1%	12.9%	12.9%	13.3%	7.4%	12.3%	13.9%
Current ratio	2.81×	3.51×	3.28×	3.13×	2.72×	3.09×	2.71×	3.14×
Debt / equity	0.1×	0.1×	0.1×	0.12×	0.11×	0.09×	0.15×	0.19×
Interest coverage	38.53×	31.85×	25.12×	25.47×	36.27×	59.86×	29.14×	170.03×
Dividend yield	1.6%	1.3%	1.2%	1.0%	1.5%	0.6%	0.5%	0.5%
Payout ratio	39.6%	41.9%	38.7%	34.1%	30.1%	27.5%	32.0%	29.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.9%	20.3%	22.9%	27.6%	30.9%	26.5%	28.1%	31.0%
Return on invested capital	17.3%	16.4%	19.0%	23.3%	26.9%	42.2%	27.1%	26.4%
Return on assets	13.5%	15.0%	16.6%	19.5%	21.4%	18.1%	17.2%	22.7%
Free cash flow yield	3.2%	2.4%	3.2%	1.4%	2.5%	2.4%	1.6%	1.4%
Earnings yield	4.1%	3.1%	3.1%	3.1%	5.0%	2.2%	1.7%	1.7%
Enterprise value	₹1.2T	₹1.5T	₹1.5T	₹1.5T	₹879.7B	₹886.6B	₹890.1B	₹892B
Net debt / EBITDA	-0×	0.02×	0.04×	0.04×	-0.13×	-0.02×	0.11×	0.27×
Cash conversion cycle (days)	72	65	80	82	67	39	81	84