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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
-14.9%
₹10,222.49
vs ₹12,018.00 price
Levered DCF
₹7,324.82
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.07
Grey zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E40.89×56.97×43.05×24.77×29.46×462.72×13.02×55.91×
P/B0.46×0.4×0.32×0.25×0.18×0.25×0.29×0.36×
P/S40.54×65.94×38.38×22.22×21.63×133.96×10.98×42.85×
EV / EBITDA41.09×70.32×42.01×24.8×24.13×373.86×11.71×54.2×
Gross margin98.9%97.7%97.3%95.3%95.9%72.1%96.2%91.2%
Operating margin98.6%96.1%93.8%91.8%91.5%45.8%92.1%82.6%
Net margin99.1%115.7%89.2%89.7%73.4%29.0%84.3%76.7%
Current ratio1.4×0.64×0.97×3,363.29×3.99×9.31×16.23×6.82×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×0×0×0×0×0×0×0×
Dividend yield2.0%1.6%2.3%4.2%1.4%0.0%4.8%0.9%
Payout ratio80.5%90.2%97.4%105.0%40.3%13.1%62.8%51.6%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity1.1%0.7%0.7%1.0%0.6%0.1%2.2%0.6%
Return on invested capital1.0%0.5%0.7%1.0%0.6%0.1%2.2%0.7%
Return on assets1.0%0.6%0.7%1.0%0.6%0.1%2.2%0.6%
Free cash flow yield0.0%1.3%2.3%4.3%-0.9%-0.2%-0.4%-0.1%
Earnings yield2.4%1.8%2.3%4.0%3.4%0.2%7.7%1.8%
Enterprise value₹127B₹122.1B₹85.8B₹48.4B₹42B₹40.8B₹22.7B₹40.7B
Net debt / EBITDA-0×-0.01×-0×-0×-0×-0.05×-0.39×-0.01×
Cash conversion cycle (days)163121515031025212192