Promax Power Limited (PROMAX.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

-42.2%

₹8.20

vs ₹14.20 price

Levered DCF

-₹19.82

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.46

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.53×	33.62×	118.24×	52.33×	48.6×	25.64×	0.06×	-1,694.92×
P/B	0.98×	2.62×	5.87×	1.7×	1.86×	2.44×	0.06×	2.01×
P/S	0.43×	1.19×	2.7×	0.73×	0.32×	0.33×	0×	0×
EV / EBITDA	14.97×	14.7×	53.23×	21.03×	11.12×	16×	20.24×	794.1×
Gross margin	6.3%	9.7%	7.2%	5.2%	6.8%	6.5%	5.6%	0.0%
Operating margin	4.4%	6.9%	5.4%	3.2%	3.6%	2.3%	5.4%	0.0%
Net margin	1.2%	3.5%	2.3%	1.4%	0.7%	1.3%	4.0%	0.0%
Current ratio	1.97×	1.79×	1.69×	2.42×	1.29×	1.38×	1.37×	15.98×
Debt / equity	0.97×	0.07×	0.47×	0.43×	1.44×	1.24×	34.86×	0×
Interest coverage	1.24×	2.49×	1.89×	1.08×	1.11×	0×	0×	0×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.8%	7.8%	5.0%	3.3%	3.8%	9.5%	96.9%	-0.1%
Return on invested capital	4.0%	6.9%	6.2%	5.2%	5.6%	4.9%	2.7%	-0.1%
Return on assets	1.3%	3.5%	2.2%	1.9%	0.9%	2.3%	1.5%	-0.1%
Free cash flow yield	-32.4%	-3.8%	1.2%	-46.5%	-44.5%	20.2%	-42746.2%	-0.1%
Earnings yield	2.8%	3.0%	0.8%	1.9%	2.0%	3.9%	1557.4%	-0.1%
Enterprise value	₹545.4M	₹737.5M	₹1.8B	₹466.5M	₹187.3M	₹150.8M	₹84.7M	₹93.7K
Net debt / EBITDA	6.62×	-1×	3.95×	3.03×	3.62×	3.26×	20.2×	-900.81×
Cash conversion cycle (days)	235	238	179	198	118	46	294	0