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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
-42.7%
₹1,176.69
vs ₹2,054.50 price
Levered DCF
₹2,376.90
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
5.12
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E37.21×20.84×25.5×19.73×16.46×23.47×5.85×14.36×
P/B8.57×3.96×4.2×2.77×2.1×2.08×0.76×1.97×
P/S2.13×1.08×1.2×1.03×0.77×1.01×0.3×0.81×
EV / EBITDA16.68×8.79×9.87×11.25×7.78×10.28×3.92×8.08×
Gross margin19.6%29.4%32.0%27.7%27.7%28.5%33.2%35.9%
Operating margin9.8%10.1%9.4%8.6%7.6%6.0%5.4%7.4%
Net margin5.7%5.2%4.7%5.2%4.7%4.3%5.2%5.6%
Current ratio1.05×1.12×1.18×1.3×1.34×1.3×1.29×1.28×
Debt / equity1.02×0.97×1.03×1×0.3×0.19×0.28×0.15×
Interest coverage4.55×4.36×3.76×9.14×12.09×6.56×6.11×25.49×
Dividend yield0.4%1.1%1.6%1.5%2.0%0.7%13.5%2.0%
Payout ratio16.7%22.3%41.2%29.2%32.8%16.1%78.9%29.2%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity23.0%19.0%16.5%14.0%12.8%8.9%13.0%13.7%
Return on invested capital14.4%11.4%10.3%7.2%10.3%6.8%7.5%9.0%
Return on assets7.1%5.5%5.0%4.3%6.1%4.8%6.7%7.1%
Free cash flow yield1.2%3.0%4.9%2.9%3.1%5.0%12.0%-3.8%
Earnings yield2.7%4.8%3.9%5.1%6.1%4.3%17.1%7.0%
Enterprise value₹115.1B₹45.3B₹40.8B₹24.2B₹12.6B₹11.9B₹4.3B₹9.9B
Net debt / EBITDA1.65×1.61×1.84×2.74×0.72×0.71×0.8×0.36×
Cash conversion cycle (days)34363340252218-3