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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
+114.3%
₹3,773.19
vs ₹1,760.30 price
Levered DCF
₹5,302.44
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
13.99
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/E7.37×7.48×9.43×11.48×7.8×8.71×7.21×34.1×
P/B1.4×1.49×2.27×3.02×1.28×0.88×0.53×0.79×
P/S1.22×1.21×1.48×1.43×0.52×0.39×0.24×0.4×
EV / EBITDA3.63×4.3×5.66×6.96×4.99×5.03×4.76×7.15×
Gross margin43.8%51.1%26.8%52.3%41.7%44.1%13.6%51.9%
Operating margin20.7%17.5%20.7%17.3%10.2%8.2%6.0%6.3%
Net margin16.5%16.2%15.8%12.4%6.7%4.4%3.3%1.2%
Current ratio6.15×4.58×4.27×2.68×1.64×1.6×1.26×1.22×
Debt / equity0.01×0.07×0.04×0.15×0.43×0.46×0.55×0.72×
Interest coverage135.36×91.27×45.28×23.51×9.36×5.74×2.61×2.16×
Dividend yield1.4%0.9%1.1%0.6%1.2%2.0%2.2%2.3%
Payout ratio10.3%6.5%10.0%6.6%9.3%17.2%16.2%78.7%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity19.0%19.9%24.1%26.3%16.4%10.0%7.3%2.3%
Return on invested capital17.0%14.6%21.3%23.0%11.8%8.7%7.7%4.8%
Return on assets16.6%16.3%19.5%19.1%9.5%5.7%3.8%1.1%
Free cash flow yield10.6%6.5%10.0%9.8%0.8%7.3%37.1%4.1%
Earnings yield13.6%13.4%10.6%8.7%12.8%11.5%13.9%2.9%
Enterprise value₹5.4B₹5.5B₹7.6B₹8.2B₹3.4B₹2.3B₹1.6B₹2.2B
Net debt / EBITDA-1.17×-0.64×-0.15×0.08×1.23×1.73×2.4×3.34×
Cash conversion cycle (days)113165127146174174129201