The Phosphate Company Limited (PHOSPHATE.BO) 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

+159.5%

₹347.79

vs ₹134.00 price

Levered DCF

₹300.76

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B+

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	11.01×	15.16×	26.96×	11.5×	19.66×	21.77×	25.47×	37.97×
P/B	0.54×	0.6×	0.64×	0.65×	0.69×	0.72×	0.74×	0.76×
P/S	0.34×	0.41×	0.47×	0.37×	0.46×	0.89×	0.74×	0.75×
EV / EBITDA	6.1×	8.26×	9.9×	8.99×	8.08×	9.39×	11.24×	10.67×
Gross margin	31.4%	31.3%	28.5%	26.0%	29.3%	43.5%	41.0%	37.3%
Operating margin	6.1%	5.9%	24.7%	24.6%	25.9%	10.7%	13.3%	10.6%
Net margin	3.1%	2.7%	1.8%	3.2%	2.4%	4.1%	2.9%	2.0%
Current ratio	1.48×	1.68×	1.79×	1.37×	1.36×	0.91×	1.18×	1.1×
Debt / equity	0.26×	0.23×	0.24×	0.4×	0.19×	0.21×	0.35×	0.55×
Interest coverage	2.51×	2.51×	9.89×	11.24×	11.52×	2.56×	2.63×	1.66×
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	4.9%	3.9%	2.4%	5.7%	3.5%	3.3%	2.9%	2.0%
Return on invested capital	5.4%	5.0%	16.9%	22.0%	20.5%	5.0%	9.7%	3.5%
Return on assets	3.0%	2.7%	1.7%	3.3%	2.5%	2.3%	1.8%	1.1%
Free cash flow yield	29.7%	-9.6%	28.0%	-19.6%	10.2%	21.4%	33.6%	4.7%
Earnings yield	9.1%	6.6%	3.7%	8.7%	5.1%	4.6%	3.9%	2.6%
Enterprise value	₹644.2M	₹723.2M	₹691.1M	₹872M	₹687.9M	₹698.7M	₹790.7M	₹932.8M
Net debt / EBITDA	1.39×	2.27×	2.1×	3.41×	1.72×	2.12×	3.55×	4.48×
Cash conversion cycle (days)	33	84	46	80	18	68	74	128