Phaarmasia Limited (PHRMASI.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

+270.4%

₹293.76

vs ₹79.31 price

Levered DCF

-₹270.75

After debt service

Piotroski score

3 / 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	2.92×	-12.63×	-41.21×	-12.72×	-13.63×	54.02×	17.59×	14.78×
P/B	2.32×	2.3×	2.07×	1.48×	1.75×	1.24×	0.71×	0.9×
P/S	1.09×	0.82×	0.7×	0.58×	1.23×	0.85×	0.39×	0.45×
EV / EBITDA	2.39×	-15.59×	-132.82×	-15.27×	-16.65×	20.15×	6.83×	8.73×
Gross margin	22.4%	11.0%	12.7%	15.6%	16.5%	24.7%	25.6%	35.9%
Operating margin	3.5%	-9.6%	-3.8%	-6.9%	-11.8%	-2.0%	1.7%	1.0%
Net margin	37.2%	-6.5%	-1.7%	-4.6%	-9.0%	1.6%	2.2%	3.0%
Current ratio	3.46×	0.65×	0.86×	0.87×	0.94×	1.09×	1.03×	0.97×
Debt / equity	0.05×	0×	0.01×	0.02×	0×	0×	0.01×	0.01×
Interest coverage	7.53×	-147.67×	-26.5×	-42.78×	-471.52×	-34.51×	11.39×	7.15×
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	79.5%	-18.2%	-5.0%	-11.6%	-12.8%	2.3%	4.0%	6.1%
Return on invested capital	5.8%	-25.8%	-10.4%	-14.9%	-16.3%	-1.9%	1.7%	1.8%
Return on assets	58.5%	-7.4%	-1.6%	-4.4%	-7.3%	1.4%	1.6%	2.3%
Free cash flow yield	0.0%	-0.7%	0.3%	3.9%	-0.8%	1.5%	0.8%	-0.5%
Earnings yield	34.2%	-7.9%	-2.4%	-7.9%	-7.3%	1.8%	5.7%	6.8%
Enterprise value	₹521.4M	₹197.5M	₹210.1M	₹156.9M	₹210.7M	₹167.6M	₹95.4M	₹116.1M
Net debt / EBITDA	0.04×	0.28×	2.17×	0.28×	0.04×	-0.25×	0.03×	0.08×
Cash conversion cycle (days)	62	-103	-62	-61	-23	3	-41	-81