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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
-15.3%
₹8,334.38
vs ₹9,840.50 price
Levered DCF
₹8,769.51
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
27.47
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/E22.18×27.66×35.13×15.61×16.37×15.61×11.88×21.04×
P/B7.48×7.92×9.92×3.79×4.38×4.03×2.65×5.91×
P/S7.63×9.67×12.23×4.97×5.95×5.54×3.57×5.86×
EV / EBITDA14.15×21.15×26.79×10.66×11.8×10.54×7.22×12.93×
Gross margin49.2%52.8%52.9%51.1%53.7%55.6%56.3%55.5%
Operating margin44.5%46.7%46.7%45.6%49.8%51.2%48.5%46.2%
Net margin34.4%34.8%34.8%31.7%36.2%35.4%30.0%27.8%
Current ratio5.44×6.9×5.98×6.55×6.72×7.35×6.32×4.07×
Debt / equity0×0.01×0.01×0.01×0.01×0.01×0.02×0×
Interest coverage1,364.8×6,388.8×105.95×205.43×213.24×133.31×49.94×0×
Dividend yield5.9%3.1%2.5%5.8%5.6%5.6%0.0%3.8%
Payout ratio130.0%87.4%87.7%90.9%91.4%87.8%0.2%80.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity33.7%28.5%28.2%24.2%26.6%25.7%22.3%28.1%
Return on invested capital28.7%25.5%25.2%22.2%25.0%24.3%21.6%27.8%
Return on assets26.6%23.5%22.3%19.5%21.6%21.3%18.2%22.6%
Free cash flow yield4.8%3.3%2.3%6.1%5.9%6.9%8.4%4.5%
Earnings yield4.5%3.6%2.8%6.4%6.1%6.4%8.4%4.8%
Enterprise value₹530.5B₹650.7B₹745.3B₹263.4B₹294.9B₹260.1B₹162.3B₹280.1B
Net debt / EBITDA-1.46×-0.38×-1.24×-0.8×-0.64×-0.65×-0.54×-0.53×
Cash conversion cycle (days)565510496939892-136