Pennar Industries Limited (PENIND.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

+134.8%

₹367.67

vs ₹156.56 price

Levered DCF

₹23.82

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	12.72×	21.09×	18.35×	12.89×	11.75×	90.56×	4.02×	8.72×
P/B	1.52×	2.52×	2.06×	1.25×	0.67×	0.33×	0.3×	0.87×
P/S	0.49×	0.78×	0.58×	0.34×	0.22×	0.15×	0.1×	0.28×
EV / EBITDA	7.56×	9.03×	7.98×	5.95×	5.83×	6.21×	3.5×	5.07×
Gross margin	29.0%	28.1%	37.8%	37.8%	13.9%	10.2%	27.5%	23.6%
Operating margin	7.5%	7.5%	6.5%	5.5%	28.4%	3.3%	6.2%	7.5%
Net margin	3.8%	3.7%	3.1%	2.6%	1.8%	0.2%	2.6%	3.2%
Current ratio	1.13×	1.14×	1.04×	1.09×	1.12×	1.16×	1.13×	1.22×
Debt / equity	1.02×	0.81×	0.9×	0.88×	0.88×	0.89×	0.7×	0.67×
Interest coverage	1.97×	2.02×	1.76×	1.74×	8.22×	0.64×	1.51×	2.06×
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	11.9%	11.9%	11.2%	9.7%	5.7%	0.4%	7.6%	10.0%
Return on invested capital	8.7%	9.8%	9.0%	8.2%	34.1%	2.9%	8.7%	9.9%
Return on assets	3.9%	4.0%	3.7%	3.3%	2.0%	0.1%	2.9%	3.8%
Free cash flow yield	-14.2%	0.9%	-1.2%	17.8%	28.0%	-41.4%	46.6%	-9.4%
Earnings yield	7.9%	4.7%	5.4%	7.8%	8.5%	1.1%	24.9%	11.5%
Enterprise value	₹26.8B	₹31.4B	₹25B	₹15.1B	₹11B	₹8.2B	₹6.6B	₹10.1B
Net debt / EBITDA	2.59×	1.79×	2.22×	2.13×	3.22×	4.44×	2.38×	2.16×
Cash conversion cycle (days)	90	75	78	98	105	140	69	82