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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
+555.6%
₹16,613.68
vs ₹2,534.10 price
Levered DCF
-₹34,131.06
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.85
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E11.98×17.61×14.52×10.89×13.3×12.72×7.83×11.83×
P/B3.24×3.2×2.5×1.82×2.84×3.11×2.08×2.48×
P/S4.06×4.63×4.16×3.3×4.37×4.19×2.53×3.24×
EV / EBITDA18.35×24.97×20.43×17.34×17.83×17.43×13.76×15.85×
Gross margin63.9%63.4%64.0%64.7%65.2%64.5%67.3%66.6%
Operating margin49.0%35.9%39.7%41.3%44.3%44.4%43.9%43.0%
Net margin33.9%26.3%28.7%30.3%32.9%32.9%32.4%27.4%
Current ratio0×11.68×0×59.99×0×0×27.52×0×
Debt / equity3.86×3.36×2.7×2.56×2.89×3.22×3.44×3.01×
Interest coverage0×0.98×1.1×1.17×1.27×1.25×1.34×1.29×
Dividend yield0.8%1.0%1.4%2.0%1.5%0.0%5.3%0.0%
Payout ratio9.9%18.1%20.5%22.2%20.0%0.0%41.6%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity27.1%18.2%17.2%16.7%21.4%24.4%26.5%20.9%
Return on invested capital5.8%3.0%3.3%3.2%3.7%3.9%5.7%5.0%
Return on assets5.4%4.0%4.5%4.5%5.3%5.5%5.7%5.0%
Free cash flow yield9.3%-28.3%-22.3%-7.5%-3.2%-16.3%-20.6%-19.9%
Earnings yield8.3%5.7%6.9%9.2%7.5%7.9%12.8%8.5%
Enterprise value₹2.7T₹1.8T₹1.2T₹867.3B₹977.3B₹906.2B₹594.6B₹524.9B
Net debt / EBITDA9.57×12.25×10.12×9.48×8.09×8.13×8.08×8.43×
Cash conversion cycle (days)-4-7-6-31,813-14-19-24