Parag Milk Foods Limited (PARAGMILK.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

+575.5%

₹1,673.18

vs ₹247.69 price

Levered DCF

₹817.71

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 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	16.26×	17.07×	27.81×	14.35×	-1.7×	42.73×	5.72×	18.37×
P/B	1.75×	2.08×	2.76×	0.95×	1.63×	0.95×	0.59×	2.68×
P/S	0.58×	0.62×	0.8×	0.27×	0.44×	0.49×	0.22×	0.93×
EV / EBITDA	9.2×	10.95×	14.16×	8.22×	-3.26×	9.19×	4.24×	10.49×
Gross margin	20.0%	25.8%	23.4%	19.0%	-11.8%	23.4%	24.6%	29.4%
Operating margin	4.9%	21.4%	19.1%	2.2%	-24.2%	3.4%	6.6%	7.3%
Net margin	3.5%	3.5%	2.9%	1.9%	-25.9%	1.1%	3.9%	5.0%
Current ratio	1.71×	1.91×	1.86×	1.89×	1.59×	1.67×	1.65×	1.69×
Debt / equity	0.48×	0.64×	0.71×	0.75×	0.96×	0.42×	0.45×	0.29×
Interest coverage	2.29×	7.9×	7.87×	1.11×	-9.77×	1.37×	4.19×	4.88×
Dividend yield	0.5%	0.3%	0.0%	0.0%	0.5%	0.5%	1.9%	0.3%
Payout ratio	8.8%	5.0%	0.0%	0.0%	-0.9%	20.3%	10.8%	6.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.7%	11.6%	9.9%	6.6%	-96.1%	2.2%	10.3%	14.6%
Return on invested capital	8.7%	38.9%	38.4%	4.4%	-45.5%	2.4%	8.9%	13.3%
Return on assets	5.9%	5.8%	4.8%	3.2%	-38.2%	1.2%	5.6%	8.4%
Free cash flow yield	-1.3%	4.1%	1.5%	-33.4%	-20.4%	6.3%	-18.3%	2.5%
Earnings yield	6.1%	5.6%	3.6%	7.0%	-58.8%	2.3%	17.5%	5.4%
Enterprise value	₹28B	₹27.7B	₹31.5B	₹13.6B	₹13.6B	₹12.7B	₹9.3B	₹24.5B
Net debt / EBITDA	1.98×	2.54×	2.85×	3.59×	-1.09×	2.79×	1.79×	1×
Cash conversion cycle (days)	79	74	94	98	78	158	131	98