Par Drugs and Chemicals Limited (PAR.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

+186.5%

₹302.36

vs ₹105.55 price

Levered DCF

₹419.32

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.87

Safe zone

Rating

Overall 4 / 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	7.38×	7.98×	18.79×	15.2×	21.33×	7.18×	4.27×	12.82×
P/B	0.86×	1.08×	3.18×	2.42×	3.28×	1.6×	0.5×	1.11×
P/S	0.93×	1.06×	2.85×	1.81×	2.63×	1.39×	0.37×	0.71×
EV / EBITDA	2.6×	4.05×	10.27×	8.13×	11.02×	3.88×	2.02×	5.37×
Gross margin	48.7%	61.2%	63.8%	30.2%	23.3%	37.5%	57.3%	28.7%
Operating margin	13.0%	15.9%	21.1%	15.3%	17.0%	22.0%	12.0%	11.3%
Net margin	12.6%	13.2%	15.2%	11.9%	12.3%	19.4%	8.6%	5.5%
Current ratio	4.68×	3.31×	4.79×	3.53×	2.93×	2.58×	2.23×	1.14×
Debt / equity	0×	0×	0×	0×	0×	0.16×	0.15×	0.4×
Interest coverage	105.48×	195.18×	188.26×	109.29×	27.86×	20.54×	8.35×	2.63×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.8%	0.9%	4.6%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	16.7%	6.6%	19.5%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.7%	13.5%	16.9%	15.9%	15.4%	22.2%	11.7%	8.6%
Return on invested capital	8.8%	11.6%	16.8%	14.6%	14.4%	16.2%	10.4%	8.9%
Return on assets	10.1%	11.2%	14.3%	12.8%	11.7%	15.2%	7.9%	4.9%
Free cash flow yield	15.0%	14.0%	5.2%	3.3%	2.2%	8.4%	30.2%	22.5%
Earnings yield	13.6%	12.5%	5.3%	6.6%	4.7%	13.9%	23.4%	7.8%
Enterprise value	₹548.8M	₹790.4M	₹2.4B	₹1.5B	₹1.8B	₹705.2M	₹189.6M	₹437.4M
Net debt / EBITDA	-1.98×	-1.41×	-1.6×	-1.21×	-0.99×	-0.71×	-0.15×	1.42×
Cash conversion cycle (days)	23	16	43	54	58	49	52	68