PNB Gilts Ltd. (PNBGILTS.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

+5666.3%

₹4,485.01

vs ₹77.78 price

Levered DCF

-₹10,017.31

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.19

Distress zone

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	5.86×	6.52×	29.6×	-13.33×	6.47×	1.91×	2.31×	11.02×
P/B	0.62×	0.98×	1.54×	0.82×	0.75×	0.66×	0.41×	0.66×
P/S	0.65×	0.98×	1.48×	1.08×	1.27×	0.81×	0.52×	1.34×
EV / EBITDA	103.93×	14.66×	15.85×	44.42×	41.69×	20.37×	19.22×	17.89×
Gross margin	17.6%	97.9%	97.7%	97.6%	97.2%	98.1%	97.8%	97.5%
Operating margin	14.7%	101.6%	102.1%	88.3%	83.5%	95.1%	101.0%	108.2%
Net margin	11.2%	15.0%	5.0%	-8.1%	19.7%	42.7%	22.4%	12.2%
Current ratio	0×	1.06×	1.01×	0.84×	0.95×	1.11×	1.08×	1.1×
Debt / equity	14.56×	14.49×	16.85×	30.54×	20.36×	14.99×	13.79×	9.28×
Interest coverage	0×	1.2×	1×	0.86×	1.38×	2.56×	1.62×	1.17×
Dividend yield	1.7%	1.2%	0.0%	8.7%	5.0%	20.8%	7.0%	3.7%
Payout ratio	9.9%	7.7%	0.0%	-116.6%	32.6%	39.6%	16.3%	41.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.6%	15.1%	5.2%	-6.1%	11.6%	34.5%	17.9%	6.0%
Return on invested capital	0.7%	4.9%	4.2%	3.7%	3.5%	6.7%	4.7%	3.3%
Return on assets	0.7%	0.9%	0.3%	-0.4%	1.0%	3.7%	1.3%	0.6%
Free cash flow yield	-187.2%	-13.0%	-140.0%	-451.9%	-425.4%	286.6%	-904.4%	-659.0%
Earnings yield	17.1%	15.3%	3.4%	-7.5%	15.4%	52.4%	43.2%	9.1%
Enterprise value	₹254B	₹238.4B	₹241.8B	₹395B	₹300.9B	₹205.9B	₹148.1B	₹87.1B
Net debt / EBITDA	99.57×	13.72×	14.51×	43.26×	40.2×	19.51×	18.66×	16.7×
Cash conversion cycle (days)	0	93	132	548	-15	-14	-22	-6,684