Apeejay Surrendra Park Hotels Ltd. (PARKHOTELS.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

-58.8%

₹41.83

vs ₹101.54 price

Levered DCF

₹96.70

After debt service

Piotroski score

6 / 9

Average

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	FY2019	FY2018
P/E	31.31×	38.15×	52.51×	74.02×	-154.2×	-57.18×	363.48×	-473.37×
P/B	1.53×	2.48×	3.01×	7.82×	8.54×	8.1×	6.05×	6.47×
P/S	2.91×	5.04×	6.23×	8.51×	17.03×	24.73×	8.43×	9.8×
EV / EBITDA	10.94×	14.71×	17.8×	27.92×	85.78×	636.48×	45.05×	55.58×
Gross margin	54.1%	55.3%	63.7%	41.3%	25.9%	14.3%	61.4%	59.8%
Operating margin	20.3%	22.6%	60.1%	60.5%	2.8%	-14.3%	59.0%	57.7%
Net margin	9.3%	13.2%	11.9%	9.4%	-11.1%	-43.2%	2.3%	-2.1%
Current ratio	1.23×	1.62×	0.96×	0.42×	0.28×	0.27×	0.55×	0.48×
Debt / equity	0.28×	0.13×	0.08×	1.11×	1.29×	1.15×	0.84×	0.82×
Interest coverage	4.81×	8.63×	5.27×	4.95×	0.12×	-0.44×	5.63×	5.28×
Dividend yield	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	16.2%	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	FY2019	FY2018
Return on equity	4.9%	6.5%	5.7%	8.7%	-5.5%	-14.2%	1.7%	-1.4%
Return on invested capital	4.4%	5.2%	19.9%	18.7%	0.4%	-1.8%	17.2%	-22.9%
Return on assets	3.2%	5.0%	4.7%	3.5%	-2.2%	-5.9%	0.8%	-0.7%
Free cash flow yield	-5.9%	0.1%	1.4%	3.1%	0.7%	-0.3%	1.6%	0.6%
Earnings yield	3.2%	2.6%	1.9%	1.1%	-0.6%	-1.7%	0.3%	-0.2%
Enterprise value	₹24.1B	₹33.3B	₹36.5B	₹49.4B	₹49.9B	₹49.5B	₹40.5B	₹42.3B
Net debt / EBITDA	1.59×	0.65×	0.2×	3.39×	11.09×	77.87×	5.46×	6.19×
Cash conversion cycle (days)	88	101	-31	-75	-100	-131	-42	-11