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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
+101.3%
₹8,558.58
vs ₹4,251.90 price
Levered DCF
₹7,084.46
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
10.47
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/E25.86×38.12×45.42×29.42×56.16×41.91×14.78×21.77×
P/B5.11×7.94×11.12×8.04×12.91×8.01×4.37×6.72×
P/S3.01×4.53×6.14×4.05×8.18×5.1×2.15×3.28×
EV / EBITDA15.36×22.58×27.63×18.12×34.44×24.21×9.33×14.53×
Gross margin14.5%45.4%47.5%46.7%42.5%36.8%41.0%39.5%
Operating margin14.5%15.1%17.6%17.5%17.9%16.0%18.2%16.6%
Net margin11.6%11.9%13.5%13.7%14.6%12.2%14.6%15.1%
Current ratio2.48×2.16×2.46×1.93×3.14×3.19×2.8×2.75×
Debt / equity0.09×0.1×0.12×0.1×0.11×0.14×0.15×0.03×
Interest coverage24.8×28.47×33.34×34.83×26.94×19.13×27.97×443.21×
Dividend yield1.8%1.1%0.8%0.9%0.7%0.8%2.2%1.2%
Payout ratio46.3%41.8%38.1%26.1%38.0%33.1%32.2%26.4%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity19.8%20.8%24.5%27.3%23.0%19.1%29.6%30.9%
Return on invested capital14.4%17.2%20.2%22.5%18.1%15.9%22.7%24.4%
Return on assets12.2%13.1%15.4%14.8%15.7%13.1%19.0%22.8%
Free cash flow yield4.1%2.8%2.1%3.2%1.6%4.5%4.0%4.3%
Earnings yield3.9%2.6%2.2%3.4%1.8%2.4%6.8%4.6%
Enterprise value₹320.1B₹474.8B₹587.6B₹355.9B₹539.8B₹281.1B₹123.1B₹165.3B
Net debt / EBITDA-0.51×-0.38×-0.22×-0.04×0.15×0.26×0.16×-0.12×
Cash conversion cycle (days)31-1522429580346