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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
+63.5%
₹724.86
vs ₹443.45 price
Levered DCF
₹527.88
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
8.62
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/E18.82×44.03×44.09×17.8×19.68×15.48×10.03×22.62×
P/B3.18×9.42×9.07×3.21×4×2.96×1.34×4.66×
P/S3.59×9.61×8.92×3.22×4.16×2.93×1.12×3.73×
EV / EBITDA12.31×37.78×38.21×14.3×16.24×9.88×7.14×17.44×
Gross margin23.4%50.2%49.5%47.0%47.5%51.3%48.2%53.6%
Operating margin23.4%48.1%47.9%45.3%45.0%50.2%45.9%46.2%
Net margin19.1%21.2%20.2%18.2%21.1%18.8%11.0%16.5%
Current ratio3.43×3.82×3.44×2.79×3.13×3.06×2.19×2.56×
Debt / equity0.02×0.04×0.04×0.04×0.03×0.03×0.2×0.16×
Interest coverage67.52×149.97×142.57×103.82×100.32×60.06×27.82×33.55×
Dividend yield1.3%0.4%0.3%1.0%0.8%0.7%3.4%0.7%
Payout ratio23.6%17.8%13.9%17.8%14.9%11.1%34.6%16.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity16.9%20.8%20.6%18.1%20.2%19.0%13.2%20.6%
Return on invested capital15.0%34.5%37.3%34.0%32.2%33.0%34.1%36.7%
Return on assets12.3%15.4%14.9%13.2%14.8%13.7%8.3%13.8%
Free cash flow yield4.5%1.3%2.4%3.8%4.0%10.7%6.3%1.3%
Earnings yield5.3%2.2%2.3%5.6%5.1%6.4%9.9%4.4%
Enterprise value₹52.8B₹142.4B₹110.2B₹30.7B₹31.7B₹19.2B₹7.5B₹22.4B
Net debt / EBITDA-0.87×-0.13×-0.26×-0.3×-0.39×-0.27×0.1×-0.6×
Cash conversion cycle (days)148144129104113147114-73