Polychem Limited (POLYCHEM.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

+103.9%

₹3,470.20

vs ₹1,701.90 price

Levered DCF

₹292.57

After debt service

Piotroski score

2 / 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	4.85×	26.71×	13.33×	5.16×	46.2×	25.58×	3.98×	3.4×
P/B	1.32×	1.7×	2.33×	1.07×	0.84×	0.83×	0.49×	0.55×
P/S	1.8×	1.81×	1.78×	0.75×	0.66×	0.87×	0.34×	0.3×
EV / EBITDA	2.06×	19.76×	8.76×	3.21×	15.28×	8.7×	2.26×	2.3×
Gross margin	21.4%	37.6%	37.6%	42.6%	40.9%	43.7%	44.9%	41.7%
Operating margin	8.1%	20.6%	24.4%	7.8%	-0.8%	-0.7%	10.8%	14.3%
Net margin	37.1%	6.8%	13.4%	14.5%	1.4%	3.4%	8.5%	8.8%
Current ratio	5.3×	6.55×	5.19×	4.36×	4.7×	2.85×	3×	2.86×
Debt / equity	0.02×	0.03×	0.04×	0.02×	0.01×	0.02×	0.03×	0.14×
Interest coverage	30.12×	61.94×	79.77×	24.2×	-4.2×	-2.16×	110.11×	0×
Dividend yield	1.0%	1.6%	0.9%	0.3%	0.0%	2.6%	1.0%	0.0%
Payout ratio	5.0%	42.8%	11.5%	1.7%	0.0%	66.5%	4.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.3%	6.4%	17.5%	20.7%	1.8%	3.2%	12.2%	16.3%
Return on invested capital	3.6%	13.4%	23.9%	9.1%	-0.9%	-0.6%	12.5%	23.5%
Return on assets	19.6%	5.2%	14.1%	16.6%	1.5%	2.5%	9.5%	13.1%
Free cash flow yield	-6.0%	2.2%	6.2%	9.4%	-9.8%	5.2%	44.1%	19.0%
Earnings yield	20.6%	3.7%	7.5%	19.4%	2.2%	3.9%	25.1%	29.4%
Enterprise value	₹776.8M	₹731M	₹938M	₹365M	₹230.7M	₹177.2M	₹113.9M	₹148.3M
Net debt / EBITDA	-0.04×	-0.68×	-0.21×	-0.07×	-0.21×	-1.69×	-0.16×	0.39×
Cash conversion cycle (days)	128	167	120	135	170	187	142	133