Page Industries Limited (PAGEIND.NS) 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

+31.2%

₹46,247.77

vs ₹35,240.00 price

Levered DCF

₹78,688.21

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	46.4×	64.26×	68.05×	74.01×	89.79×	99.29×	55.13×	72.29×
P/B	23.59×	33.3×	24.25×	30.84×	44.25×	38.21×	23.08×	36.75×
P/S	6.75×	9.54×	8.52×	9.04×	12.93×	12.21×	6.54×	10.14×
EV / EBITDA	30×	41.7×	43.58×	48.64×	59.84×	62.09×	34.06×	43.71×
Gross margin	58.8%	51.5%	48.9%	50.2%	48.8%	49.2%	66.0%	73.6%
Operating margin	19.9%	19.8%	17.0%	16.8%	19.4%	16.9%	16.6%	21.3%
Net margin	14.6%	14.8%	12.5%	12.2%	14.4%	12.3%	11.9%	14.0%
Current ratio	1.72×	1.72×	2×	1.64×	1.67×	1.72×	1.82×	1.88×
Debt / equity	0.18×	0.19×	0.12×	0.3×	0.16×	0.14×	0.22×	0.11×
Interest coverage	21.02×	49.68×	39.02×	19.09×	55.65×	31.51×	23.43×	115.08×
Dividend yield	1.9%	2.0%	0.9%	0.7%	0.7%	0.8%	1.4%	1.6%
Payout ratio	87.6%	125.4%	60.7%	50.8%	62.4%	81.8%	79.1%	115.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	50.8%	51.8%	35.6%	41.7%	49.3%	38.5%	41.9%	50.8%
Return on invested capital	43.6%	43.2%	30.7%	33.3%	43.0%	34.4%	35.5%	44.1%
Return on assets	26.7%	27.6%	21.2%	21.2%	25.5%	20.0%	22.7%	29.2%
Free cash flow yield	1.9%	2.4%	2.5%	-0.4%	0.5%	2.0%	2.3%	0.7%
Earnings yield	2.2%	1.6%	1.5%	1.4%	1.1%	1.0%	1.8%	1.4%
Enterprise value	₹354.5B	₹468.8B	₹388.8B	₹426.8B	₹482.6B	₹339B	₹189.8B	₹285.6B
Net debt / EBITDA	0.01×	0.02×	0.17×	0.46×	0.11×	0.16×	0.11×	0.12×
Cash conversion cycle (days)	138	107	164	220	139	106	249	336