Power & Instrumentation (gujarat) Ltd. (PIGL.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

-201.7%

-₹97.18

vs ₹95.59 price

Levered DCF

-₹165.73

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

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	21.45×	24.93×	14.4×	17.99×	12.34×	8.15×	2×	3.54×
P/B	2.03×	2.44×	1.66×	1.43×	0.98×	0.95×	0.23×	0.46×
P/S	1.41×	1.6×	0.87×	0.69×	0.39×	0.33×	0.07×	0.12×
EV / EBITDA	13.89×	14.68×	9.1×	11.26×	8.76×	5.61×	1.35×	2.63×
Gross margin	13.0%	14.0%	19.3%	15.7%	14.9%	17.6%	17.4%	13.2%
Operating margin	10.2%	10.0%	15.3%	11.9%	10.8%	8.4%	10.4%	7.9%
Net margin	6.5%	7.0%	6.1%	3.9%	3.2%	4.0%	3.4%	3.5%
Current ratio	2.44×	2.41×	1.68×	1.52×	1.47×	1.8×	1.64×	1.42×
Debt / equity	0.09×	0.17×	0.29×	0.7×	0.79×	0.74×	0.42×	0.65×
Interest coverage	4.86×	5×	3.38×	3.3×	3.6×	2.16×	2.28×	2.47×
Dividend yield	0.1%	0.1%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	2.5%	2.1%	4.3%	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	9.4%	10.6%	11.5%	8.0%	8.0%	11.6%	11.4%	13.0%
Return on invested capital	9.4%	9.6%	17.2%	10.5%	11.7%	10.3%	17.9%	13.2%
Return on assets	6.1%	6.8%	5.5%	3.4%	3.0%	5.4%	5.3%	4.2%
Free cash flow yield	-3.3%	-14.7%	9.8%	1.5%	-13.5%	-4.1%	45.6%	-4.7%
Earnings yield	4.6%	4.4%	6.9%	5.6%	8.1%	12.3%	50.1%	28.2%
Enterprise value	₹3.2B	₹2.9B	₹992.4M	₹963.3M	₹643.8M	₹440.6M	₹115.7M	₹196.8M
Net debt / EBITDA	0.42×	0.92×	1.31×	3.7×	3.89×	2.02×	0.65×	1.18×
Cash conversion cycle (days)	150	174	151	209	173	127	101	96