Oriental Rail Infrastructure Limited (ORIRAIL.BO) Valuation

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

-1351.7%

-₹1,411.90

vs ₹112.80 price

Levered DCF

-₹1,160.45

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.47

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.39×	34.48×	46.47×	66.95×	41.52×	18.64×	6.27×	22.13×
P/B	1.65×	2.99×	4.87×	1.98×	6.2×	3.19×	2.01×	4.94×
P/S	1.21×	1.72×	2.65×	0.66×	3.75×	1.31×	0.57×	1.87×
EV / EBITDA	9.93×	15.97×	23.17×	17.86×	25.31×	12.58×	7.06×	17.43×
Gross margin	21.2%	17.8%	19.5%	11.3%	23.1%	16.5%	20.1%	21.3%
Operating margin	13.2%	10.2%	11.2%	5.8%	14.8%	12.0%	14.9%	12.7%
Net margin	7.4%	4.9%	5.7%	1.0%	9.0%	7.0%	9.1%	8.4%
Current ratio	1.56×	1.88×	2.07×	1.38×	1.72×	1.49×	1.33×	1.45×
Debt / equity	0.73×	0.77×	1.02×	2.75×	1.71×	1.83×	2.52×	3.05×
Interest coverage	2.98×	2.69×	2.68×	1.17×	4.07×	3.22×	4×	4.99×
Dividend yield	0.1%	0.1%	0.0%	0.6%	0.2%	0.4%	0.7%	0.5%
Payout ratio	1.6%	2.1%	0.0%	42.3%	8.6%	7.0%	4.4%	11.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	8.4%	10.5%	3.0%	14.9%	17.1%	32.1%	22.3%
Return on invested capital	7.6%	6.4%	7.6%	3.4%	6.7%	7.8%	11.3%	6.1%
Return on assets	5.0%	4.1%	4.6%	0.7%	4.6%	5.0%	7.7%	4.4%
Free cash flow yield	-10.6%	-3.7%	-1.4%	-39.6%	-3.1%	14.4%	-22.1%	-11.3%
Earnings yield	6.1%	2.8%	2.2%	1.5%	2.4%	5.4%	16.0%	4.5%
Enterprise value	₹9.1B	₹12.1B	₹15.6B	₹4.8B	₹8.2B	₹4.2B	₹3.3B	₹3.9B
Net debt / EBITDA	2.4×	2.32×	2.52×	10.02×	5.29×	4.04×	3.75×	5.72×
Cash conversion cycle (days)	313	252	241	281	383	214	176	270