PDS Limited (PDSL.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

+121.0%

₹777.64

vs ₹351.85 price

Levered DCF

₹869.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.07

Grey zone

Rating

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	33.08×	37.5×	44.3×	16.36×	18.31×	20.47×	15.98×	13.25×
P/B	2.09×	3.61×	5.48×	4.11×	5.22×	2.67×	1.32×	1.33×
P/S	0.28×	0.47×	0.62×	0.41×	0.52×	0.28×	0.11×	0.11×
EV / EBITDA	10.14×	12.78×	16.13×	8.64×	11.51×	7.07×	5.42×	7.65×
Gross margin	9.6%	9.5%	9.9%	16.7%	15.7%	16.5%	16.3%	14.4%
Operating margin	2.0%	3.1%	3.2%	3.9%	3.0%	3.2%	2.5%	1.5%
Net margin	0.9%	1.2%	1.4%	2.5%	2.8%	1.4%	0.7%	0.8%
Current ratio	1.2×	1.26×	1.11×	1.18×	1.11×	1.12×	1.07×	1.09×
Debt / equity	0.72×	0.75×	0.9×	0.68×	0.85×	0.87×	1.48×	1.33×
Interest coverage	1.75×	3.06×	2.57×	4.59×	6.76×	4.87×	2.23×	1.73×
Dividend yield	1.3%	1.1%	0.8%	2.2%	0.9%	2.7%	2.4%	0.0%
Payout ratio	42.1%	41.2%	37.4%	35.8%	16.5%	55.7%	38.6%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.3%	9.5%	12.4%	25.1%	28.5%	13.0%	8.2%	10.0%
Return on invested capital	7.0%	11.7%	12.3%	20.2%	14.8%	13.3%	10.2%	7.2%
Return on assets	2.1%	3.3%	3.6%	8.5%	7.3%	3.6%	1.9%	2.4%
Free cash flow yield	16.2%	-2.1%	0.4%	10.4%	7.9%	20.4%	30.6%	10.3%
Earnings yield	3.0%	2.6%	2.3%	6.1%	5.5%	4.9%	6.3%	7.5%
Enterprise value	₹39.2B	₹64.6B	₹69.8B	₹45.4B	₹48.3B	₹19.9B	₹12.1B	₹11.6B
Net debt / EBITDA	0.59×	0.98×	1.37×	0.4×	0.67×	0.95×	2.14×	3.03×
Cash conversion cycle (days)	9	22	13	-1	0	7	14	22