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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
+31.7%
₹344.92
vs ₹261.95 price
Levered DCF
-₹3,238.69
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.56
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E8.27×8.56×16.92×12.52×16.57×41.95×29.27×25.55×
P/B0.86×0.76×2.26×2.67×3×1.79×1.8×2.17×
P/S1.24×1.27×3.21×5.02×7.22×9.02×4.34×4.22×
EV / EBITDA27.27×29.81×32.14×36.01×40.42×10.42×8.67×7.1×
Gross margin53.9%34.7%30.7%23.2%25.9%201.4%94.1%96.5%
Operating margin35.4%25.1%17.7%10.3%14.9%79.0%41.7%39.5%
Net margin15.0%14.9%19.0%22.1%23.9%21.5%14.8%16.5%
Current ratio0×1.45×1.33×0×0×0×0×0×
Debt / equity3.15×2.87×3.91×3.6×3.44×1.29×1.07×0.92×
Interest coverage0×161.73×164.28×73.4×73.36×0.77×0.85×0.78×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.4%8.9%13.3%11.8%9.9%4.3%6.2%8.5%
Return on invested capital4.3%3.0%1.9%0.6%0.4%3.1%3.7%3.7%
Return on assets2.4%2.2%2.6%2.5%2.2%1.2%2.0%2.3%
Free cash flow yield57.0%72.7%-41.2%-24.8%-25.6%-25.2%-2.4%-13.0%
Earnings yield12.1%11.7%5.9%4.4%3.3%2.4%3.4%3.9%
Enterprise value₹151.2B₹121.4B₹140.9B₹120.2B₹104.9B₹44.8B₹39.9B₹34.2B
Net debt / EBITDA21.22×23.41×20.23×20.38×20.3×3.83×2.77×1.84×
Cash conversion cycle (days)-701,2011,359-332,60223614