Praj Industries Limited (PRAJIND.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

+234.6%

₹862.30

vs ₹257.74 price

Levered DCF

₹298.10

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.21

Safe 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	244.65×	44.97×	34.56×	26.13×	48.71×	44.08×	14.3×	41.19×
P/B	4.46×	7.12×	7.68×	5.81×	7.99×	4.45×	1.4×	3.77×
P/S	1.84×	3.05×	2.82×	1.78×	3.12×	2.74×	0.93×	2.5×
EV / EBITDA	33.36×	24.55×	22.7×	17.58×	31.51×	25.37×	9.08×	33.3×
Gross margin	34.6%	19.1%	42.4%	37.6%	15.7%	16.7%	47.5%	44.4%
Operating margin	1.5%	7.1%	32.3%	7.9%	24.1%	6.9%	5.2%	5.3%
Net margin	0.8%	6.8%	8.2%	6.8%	6.4%	6.2%	6.5%	6.1%
Current ratio	1.46×	1.51×	1.52×	1.45×	1.46×	1.62×	1.91×	1.77×
Debt / equity	0.13×	0.14×	0.13×	0.04×	0.02×	0.02×	0.03×	0×
Interest coverage	2.28×	12.13×	114.5×	60.03×	225.52×	31.7×	17.99×	77.93×
Dividend yield	1.9%	1.1%	0.8%	1.2%	0.5%	0.0%	9.4%	1.6%
Payout ratio	463.3%	50.3%	29.2%	32.2%	26.4%	0.5%	134.8%	67.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.8%	15.8%	22.2%	22.2%	16.4%	10.1%	9.8%	9.2%
Return on invested capital	1.5%	10.5%	57.5%	18.4%	43.4%	7.8%	8.4%	7.9%
Return on assets	0.8%	6.9%	9.8%	9.2%	6.8%	5.1%	6.1%	5.5%
Free cash flow yield	2.9%	-0.4%	1.1%	2.0%	2.1%	6.1%	0.8%	0.7%
Earnings yield	0.4%	2.2%	2.9%	3.8%	2.1%	2.3%	7.0%	2.4%
Enterprise value	₹58.6B	₹99.1B	₹97.9B	₹62.1B	₹72.3B	₹34.9B	₹9.8B	₹27.4B
Net debt / EBITDA	0.17×	0.17×	0×	-0.16×	-0.38×	-0.61×	-0.23×	-0.77×
Cash conversion cycle (days)	8	31	87	87	88	62	102	81