Patels Airtemp (India) Limited (PATELSAI.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

+11.5%

₹398.72

vs ₹357.65 price

Levered DCF

₹22.73

After debt service

Piotroski score

4 / 9

Average

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	9.82×	16.64×	14.89×	9.63×	9.19×	5.99×	3.6×	7.31×
P/B	0.61×	1.75×	1.54×	0.83×	1.03×	0.68×	0.45×	0.67×
P/S	0.4×	0.71×	0.6×	0.38×	0.37×	0.27×	0.17×	0.36×
EV / EBITDA	5.67×	9.08×	9.17×	6.08×	6.66×	4.5×	3.33×	4.85×
Gross margin	32.3%	34.6%	30.4%	17.3%	32.9%	37.2%	35.5%	37.6%
Operating margin	7.8%	30.5%	8.5%	9.4%	8.2%	9.1%	8.7%	9.9%
Net margin	4.1%	4.2%	4.0%	4.0%	4.1%	4.4%	4.8%	4.9%
Current ratio	1.88×	1.95×	1.44×	1.43×	1.55×	1.43×	1.43×	1.68×
Debt / equity	0.53×	0.57×	0.65×	0.74×	0.79×	0.64×	0.5×	0.53×
Interest coverage	1.99×	10.47×	2.43×	2.2×	2.81×	2.91×	2.82×	4.02×
Dividend yield	1.6%	0.6%	0.7%	1.3%	1.1%	1.9%	3.8%	2.9%
Payout ratio	16.0%	9.9%	11.1%	12.7%	10.3%	11.2%	13.5%	20.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.2%	10.5%	10.3%	8.6%	11.2%	11.4%	12.6%	9.2%
Return on invested capital	5.7%	35.9%	9.7%	8.5%	9.2%	10.4%	11.5%	12.0%
Return on assets	3.5%	5.4%	4.0%	3.1%	4.3%	4.0%	4.3%	3.8%
Free cash flow yield	9.5%	13.6%	4.0%	0.9%	-17.5%	-1.9%	-15.8%	5.7%
Earnings yield	10.2%	6.0%	6.7%	10.4%	10.9%	16.7%	27.8%	13.7%
Enterprise value	₹1.6B	₹3.4B	₹3.1B	₹1.9B	₹2B	₹1.2B	₹829.2M	₹814.2M
Net debt / EBITDA	1.99×	1.68×	2.63×	2.66×	2.78×	1.95×	1.7×	1.66×
Cash conversion cycle (days)	297	222	243	300	220	245	77	147