Pioneer Investcorp Limited (PIONRINV.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

+172.1%

₹157.56

vs ₹57.90 price

Levered DCF

-₹153.35

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	6.45×	10.11×	13.46×	17.97×	10.94×	36.74×	11.36×	169.44×
P/B	0.6×	0.51×	0.37×	0.26×	0.3×	0.25×	0.27×	0.3×
P/S	1.87×	1.71×	1.33×	1.15×	1.15×	1.04×	0.8×	0.99×
EV / EBITDA	10.24×	8.99×	9.11×	9.99×	5.01×	10.62×	5.33×	11.68×
Gross margin	74.4%	69.5%	62.6%	50.9%	63.2%	64.9%	62.5%	50.2%
Operating margin	26.9%	17.1%	37.2%	31.5%	41.6%	39.7%	36.5%	20.7%
Net margin	29.0%	16.9%	9.9%	6.4%	10.5%	2.8%	7.1%	0.6%
Current ratio	1.62×	2.62×	1.65×	2.49×	4.61×	2.22×	24.47×	2.71×
Debt / equity	0.61×	0.89×	0.71×	0.59×	0.36×	0.77×	0.44×	0.58×
Interest coverage	1.2×	0.6×	1.61×	1.66×	1.58×	1.45×	1.67×	1.14×
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	9.3%	5.1%	2.8%	1.5%	2.7%	0.7%	2.4%	0.2%
Return on invested capital	2.9%	1.3%	3.6%	2.6%	5.8%	1.6%	5.3%	3.8%
Return on assets	3.8%	1.8%	1.0%	0.8%	1.8%	0.4%	1.7%	0.1%
Free cash flow yield	52.1%	-29.9%	-52.7%	-81.8%	163.5%	-168.8%	86.2%	-36.5%
Earnings yield	15.5%	9.9%	7.4%	5.6%	9.1%	2.7%	8.8%	0.6%
Enterprise value	₹2.1B	₹2.1B	₹1.6B	₹1.1B	₹793M	₹1.3B	₹845M	₹951.8M
Net debt / EBITDA	5.17×	5.65×	5.93×	6.66×	2.43×	7.93×	3.1×	7.08×
Cash conversion cycle (days)	-1,907	506	55	2,425	1,776	3,976	1,063	1,931