Panjon Ltd. (PANJON.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

-6881.3%

-₹1,271.50

vs ₹18.75 price

Levered DCF

-₹51.20

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	57.69×	71.13×	205.02×	22.44×	-6.57×	122.1×	-365.7×	84.11×
P/B	2.44×	2.29×	2.09×	1.34×	2.15×	0.7×	0.7×	0.7×
P/S	0.87×	1.24×	2.47×	2.97×	3.23×	0.81×	0.44×	0.45×
EV / EBITDA	34.57×	42.94×	72.83×	-2,620.24×	-6.59×	67.39×	21.34×	20.78×
Gross margin	19.2%	14.7%	26.9%	64.4%	46.0%	18.6%	11.0%	11.6%
Operating margin	1.5%	1.3%	14.1%	36.5%	28.6%	12.8%	0.2%	0.6%
Net margin	1.5%	1.7%	1.2%	13.3%	-49.2%	0.7%	-0.1%	0.5%
Current ratio	3.44×	3.69×	5.24×	9.17×	8.23×	8.82×	9.77×	10.38×
Debt / equity	0.24×	0.16×	0.1×	0.06×	0.06×	0.08×	0.09×	0.11×
Interest coverage	2.56×	2.29×	50.99×	47.34×	37.77×	18.96×	0.35×	0.82×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.3%	3.2%	1.0%	6.0%	-32.8%	0.6%	-0.2%	0.8%
Return on invested capital	3.3%	2.0%	10.4%	15.6%	17.9%	5.1%	-0.0%	0.4%
Return on assets	3.3%	2.6%	0.9%	5.4%	-29.6%	0.5%	-0.2%	0.7%
Free cash flow yield	-2.6%	-12.6%	-2.0%	-0.7%	6.0%	2.3%	-1.4%	1.6%
Earnings yield	1.7%	1.4%	0.5%	4.5%	-15.2%	0.8%	-0.3%	1.2%
Enterprise value	₹448.7M	₹400.5M	₹297.8M	₹174M	₹266.5M	₹127.4M	₹130.1M	₹130.7M
Net debt / EBITDA	2.53×	2.36×	-3.13×	103.95×	0.15×	5.35×	2.1×	2.12×
Cash conversion cycle (days)	117	148	318	619	310	184	149	128