One97 Communications Limited (PAYTM.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

-270.9%

-₹2,920.06

vs ₹1,708.90 price

Levered DCF

-₹2,057.35

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

9.56

Safe zone

Rating

B-

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	110.74×	-77.4×	-18.18×	-23.16×	-13.91×	-55.39×	-31.98×	-20.94×
P/B	3.82×	3.39×	1.93×	3.16×	2.32×	14.38×	11.21×	15.29×
P/S	7.26×	7.56×	2.61×	5.2×	6.62×	33.53×	27.7×	27.09×
EV / EBITDA	41.43×	1,120.26×	-34.37×	-30.82×	-15.11×	-63.31×	-33.23×	-21.57×
Gross margin	29.1%	24.0%	29.9%	25.6%	-14.6%	-23.2%	-14.2%	-5.9%
Operating margin	-0.5%	-26.7%	-16.5%	-26.5%	-51.1%	-68.8%	-85.2%	-137.5%
Net margin	6.6%	-9.8%	-14.4%	-22.5%	-48.2%	-60.5%	-86.6%	-129.4%
Current ratio	2.55×	2.76×	3.46×	3.12×	3.22×	3.43×	3.86×	2.45×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.02×	0.09×	0.05×	0.16×
Interest coverage	-2.33×	-103.62×	-67×	-89.76×	-60.82×	-51.17×	-52.18×	-118.83×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	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	FY2020	FY2019
Return on equity	3.5%	-4.4%	-10.6%	-13.6%	-16.9%	-26.0%	-35.1%	-73.0%
Return on invested capital	-0.2%	-11.8%	-11.9%	-15.5%	-17.3%	-25.5%	-31.3%	-65.5%
Return on assets	2.3%	-3.1%	-8.3%	-9.9%	-13.3%	-18.5%	-27.6%	-47.7%
Free cash flow yield	-14.2%	-0.9%	-0.7%	-0.7%	-5.3%	-2.4%	-2.8%	-5.3%
Earnings yield	0.9%	-1.3%	-5.5%	-4.3%	-7.3%	-1.8%	-3.1%	-4.8%
Enterprise value	₹483.9B	₹490.7B	₹216.6B	₹380.4B	₹317B	₹940.2B	₹908.8B	₹881.5B
Net debt / EBITDA	-11×	-43.76×	6.5×	2.5×	0.55×	-0.04×	-0×	-0.15×
Cash conversion cycle (days)	14	23	87	-56	290	396	-52	224