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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
-7.4%
₹2,644.00
vs ₹2,856.60 price
Levered DCF
₹2,273.89
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
23.56
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E40.56×46.94×37.95×28.69×28.93×51.35×83.47×110.58×
P/B10.2×13.76×10.94×9.57×9.78×14.75×20.67×27.95×
P/S6.72×8.38×6.59×5.54×5.25×8.38×10.14×10.78×
EV / EBITDA27.46×31.46×24.88×18.32×18.87×31.91×47.23×58.97×
Gross margin40.3%32.2%34.7%33.0%29.6%25.9%27.1%22.6%
Operating margin22.2%20.7%20.3%23.6%21.2%17.2%15.4%12.0%
Net margin16.6%17.9%17.4%19.3%18.1%16.3%12.1%9.8%
Current ratio29.39×2.96×1.93×1.52×11.53×13.25×1.99×5.47×
Debt / equity0.04×0.05×0.08×0.05×0.06×0.08×0.15×0.36×
Interest coverage62.7×95.87×86.73×84.08×40.15×30.96×14.03×9.62×
Dividend yield0.1%0.1%0.1%0.1%0.0%0.0%0.0%0.2%
Payout ratio4.7%4.2%4.5%3.5%0.4%0.6%1.1%26.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity25.2%29.3%28.8%33.3%33.8%28.7%24.8%25.3%
Return on invested capital18.1%23.8%12.4%26.3%18.1%12.5%19.7%9.8%
Return on assets18.1%20.7%18.3%22.4%20.1%15.9%14.2%10.9%
Free cash flow yield2.8%1.6%2.7%3.7%3.9%2.4%2.0%0.3%
Earnings yield2.5%2.1%2.6%3.5%3.5%1.9%1.2%0.9%
Enterprise value₹90.3B₹92B₹52.9B₹33.4B₹23.2B₹22.4B₹22.6B₹23B
Net debt / EBITDA0.06×0.04×0.11×-0.03×-0.05×-1.24×-1.33×-0.63×
Cash conversion cycle (days)-41-31-143-41-59-71-49-19