Vedant Fashions Limited (MANYAVAR.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

+169.4%

₹1,340.56

vs ₹497.55 price

Levered DCF

₹1,077.92

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

9.73

Safe zone

Rating

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	22.7×	47.97×	56.3×	64.43×	74.96×	174.17×	98.79×	128.41×
P/B	4.34×	10.43×	14.57×	19.75×	21.8×	21.22×	21.93×	26.49×
P/S	5.94×	13.44×	17.07×	20.41×	22.68×	41×	25.54×	29.2×
EV / EBITDA	12.43×	29.7×	36.11×	41.64×	48.15×	96.11×	59.95×	71.53×
Gross margin	54.2%	73.4%	72.2%	73.9%	74.2%	73.9%	72.5%	72.2%
Operating margin	32.0%	58.1%	58.4%	60.9%	60.3%	57.1%	55.4%	46.4%
Net margin	26.2%	28.0%	30.3%	31.7%	30.3%	23.5%	25.8%	22.7%
Current ratio	3.67×	4.01×	3.73×	3.37×	3.01×	3.75×	4.02×	3.86×
Debt / equity	0.23×	0.27×	0.28×	0.21×	0.26×	0.19×	0.23×	0.21×
Interest coverage	8.14×	14.58×	17.95×	26.22×	22.09×	12.49×	19.8×	18.93×
Dividend yield	2.3%	1.1%	0.9%	0.4%	0.0%	0.0%	0.3%	0.0%
Payout ratio	51.8%	53.1%	52.8%	28.3%	0.0%	0.0%	25.5%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.1%	21.7%	25.9%	30.7%	29.1%	12.2%	22.2%	20.6%
Return on invested capital	13.2%	24.2%	26.9%	34.1%	32.2%	16.4%	26.8%	20.5%
Return on assets	13.2%	14.1%	16.5%	19.8%	17.8%	8.2%	14.9%	13.8%
Free cash flow yield	5.9%	2.1%	2.1%	1.7%	1.5%	1.0%	0.9%	1.0%
Earnings yield	4.4%	2.1%	1.8%	1.6%	1.3%	0.6%	1.0%	0.8%
Enterprise value	₹89.7B	₹191B	₹237.7B	₹279.3B	₹238.8B	₹233.6B	₹236.2B	₹235.6B
Net debt / EBITDA	0.62×	0.72×	0.64×	0.42×	0.55×	0.84×	0.59×	0.55×
Cash conversion cycle (days)	211	261	198	219	241	360	261	207