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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
+1002.3%
₹3,504.71
vs ₹317.95 price
Levered DCF
-₹22,494.73
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.33
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E4.84×5.81×6.7×2.52×2.12×2.56×3.41×3.19×
P/B0.94×1.13×1.31×0.48×0.41×0.49×0.49×0.67×
P/S1.11×1.26×1.45×0.54×0.4×0.42×0.42×0.6×
EV / EBITDA26.4×28.32×29.46×29.78×29.31×35.76×45.75×33.2×
Gross margin38.0%39.2%36.7%36.9%40.3%37.5%29.4%34.4%
Operating margin37.2%36.3%36.7%35.5%31.2%27.8%24.3%33.8%
Net margin23.0%21.6%21.6%21.3%18.7%16.4%12.3%18.8%
Current ratio0×64.81×0×2.51×0×69.63×35.8×0.04×
Debt / equity7.62×8.25×8.52×8.93×9.21×11.34×12.62×11.94×
Interest coverage0×0.6×0.58×0.56×0.52×0.45×0.35×0.52×
Dividend yield7.1%6.1%4.6%10.3%15.2%10.5%14.6%7.9%
Payout ratio34.3%35.4%31.1%25.9%32.2%26.7%49.6%25.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity19.5%19.5%19.5%18.9%19.6%19.3%14.4%21.1%
Return on invested capital2.3%2.3%2.2%2.0%2.1%1.7%1.3%2.0%
Return on assets2.1%2.0%1.9%1.8%1.8%1.5%1.0%1.6%
Free cash flow yield44.0%-69.7%-74.1%-186.8%15.5%-197.2%-174.2%-253.8%
Earnings yield20.7%17.2%14.9%39.7%47.1%39.1%29.3%31.3%
Enterprise value₹11.3T₹11T₹9.9T₹7.9T₹6.9T₹7.1T₹6.5T₹5.9T
Net debt / EBITDA23.49×24.87×25.52×28.27×28.04×34.25×44.03×31.43×
Cash conversion cycle (days)00801801145187171-1