Patanjali Foods Limited (PATANJALI.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

+36.1%

₹505.97

vs ₹371.90 price

Levered DCF

₹186.05

After debt service

Piotroski score

2 / 9

Weak

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	27.56×	50.13×	65.59×	39.5×	35.12×	27.9×	0.66×	6.59×
P/B	3.82×	5.73×	4.92×	3.56×	4.59×	4.67×	1.51×	-0.11×
P/S	1.25×	1.91×	1.59×	1.12×	1.18×	1.17×	0.39×	0.04×
EV / EBITDA	30.03×	32.16×	36.7×	25.79×	20.51×	22.64×	1.08×	37.58×
Gross margin	10.8%	13.2%	9.6%	7.7%	8.8%	9.7%	8.0%	6.8%
Operating margin	3.7%	5.1%	3.4%	3.7%	5.7%	5.8%	2.3%	0.2%
Net margin	4.5%	3.8%	2.4%	2.8%	3.4%	4.2%	58.6%	0.6%
Current ratio	2.14×	2.29×	2.57×	2.44×	2.82×	2.13×	2.14×	0.2×
Debt / equity	0.21×	0.07×	0.1×	0.15×	0.6×	0.9×	1.06×	-1.77×
Interest coverage	11.56×	18.22×	5.46×	4.77×	3.8×	2.51×	2.69×	4.28×
Dividend yield	0.5%	0.4%	0.9%	0.5%	0.0%	0.0%	0.0%	0.0%
Payout ratio	14.5%	22.4%	56.5%	20.4%	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	13.9%	11.4%	7.5%	9.0%	13.1%	16.8%	227.6%	-1.7%
Return on invested capital	9.4%	10.7%	6.9%	7.7%	10.0%	11.6%	4.2%	0.9%
Return on assets	9.7%	8.4%	5.8%	6.7%	7.0%	7.6%	97.5%	1.0%
Free cash flow yield	-2.8%	0.1%	3.3%	-1.3%	2.4%	1.2%	-1.6%	46.9%
Earnings yield	3.6%	2.0%	1.5%	2.5%	2.8%	3.6%	150.7%	15.2%
Enterprise value	₹520.2B	₹657B	₹507.2B	₹356.6B	₹316.5B	₹226B	₹85.2B	₹82.6B
Net debt / EBITDA	1.16×	0.24×	0.37×	0.47×	2.15×	3.62×	0.43×	35.29×
Cash conversion cycle (days)	73	62	44	51	52	57	44	-10