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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
+270.6%
₹91.09
vs ₹24.58 price
Levered DCF
₹66.51
After debt service
Piotroski score
9 / 9
Strong
Altman Z-score
0.92
Distress zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E4.83×9.59×16.32×4.62×7.72×45.13×4.62×5.7×
P/B0.5×0.76×1.03×0.33×0.44×0.55×0.24×0.51×
P/S2.98×3.75×3.72×1.09×1.08×1.04×0.37×0.79×
EV / EBITDA8.11×14.59×28.15×24.72×42.93×91.67×51.29×42×
Gross margin98.6%39.2%39.3%39.8%36.0%31.9%31.1%29.2%
Operating margin46.5%35.7%23.1%35.5%33.3%27.8%28.4%26.4%
Net margin61.6%39.1%22.8%23.5%14.0%2.3%8.1%13.9%
Current ratio1.19×2.05×2,987.49×1.29×1.47×1.21×0.13×0.4×
Debt / equity0.57×1.04×1.55×2.1×3.15×4.33×4.39×5.28×
Interest coverage0×133.8×87.84×432.14×224.08×38.51×48.17×714.48×
Dividend yield0.0%0.0%2.5%0.0%0.0%2.5%12.2%1.2%
Payout ratio0.0%0.0%40.0%0.0%0.0%112.9%56.3%7.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity10.4%7.9%6.3%7.2%5.7%1.2%5.2%8.9%
Return on invested capital4.0%2.7%0.9%2.7%2.5%0.7%2.1%1.7%
Return on assets6.4%3.8%2.5%2.3%1.4%0.2%0.9%1.4%
Free cash flow yield14.3%54.6%97.8%232.2%271.5%113.1%636.2%22.4%
Earnings yield20.7%10.4%6.1%21.6%13.0%2.2%21.7%17.5%
Enterprise value₹32.2B₹41.8B₹63.2B₹59.1B₹77.9B₹98.4B₹95.6B₹119.4B
Net debt / EBITDA4.22×7.32×16.47×21.32×37.4×80.87×48.56×38.3×
Cash conversion cycle (days)2,057-62,4761,837-3,717-1225-5