PTC India Limited (PTC.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

+85.5%

₹254.26

vs ₹137.09 price

Levered DCF

₹1,076.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

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	7.7×	5.47×	11.93×	5.65×	4.81×	5.13×	3.12×	5.22×
P/B	0.78×	0.85×	1.11×	0.5×	0.52×	0.52×	0.27×	0.56×
P/S	0.28×	0.3×	0.34×	0.16×	0.15×	0.13×	0.06×	0.15×
EV / EBITDA	8.4×	3.14×	8.43×	7.16×	6.89×	7.61×	6.66×	7.48×
Gross margin	5.1%	7.6%	8.2%	7.2%	9.1%	9.7%	10.9%	13.2%
Operating margin	4.3%	6.8%	7.6%	7.5%	10.2%	10.3%	10.8%	13.0%
Net margin	3.6%	5.5%	2.8%	2.9%	3.1%	2.5%	2.1%	2.9%
Current ratio	2.24×	2.17×	1.74×	1.51×	1.4×	1.36×	1.15×	0.9×
Debt / equity	0.3×	0.51×	0.84×	1.3×	2.07×	2.6×	2.72×	3.36×
Interest coverage	2.33×	3.18×	3.03×	2.46×	2.22×	2.01×	1.69×	1.57×
Dividend yield	9.3%	4.7%	4.5%	6.8%	9.1%	10.1%	14.3%	6.7%
Payout ratio	71.8%	25.6%	53.1%	38.5%	43.9%	51.7%	44.7%	34.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.1%	15.5%	9.3%	8.9%	10.7%	10.2%	8.8%	10.7%
Return on invested capital	6.3%	8.7%	9.1%	6.9%	8.0%	7.4%	8.0%	7.0%
Return on assets	4.8%	7.0%	3.2%	2.7%	2.5%	2.2%	1.7%	2.0%
Free cash flow yield	60.0%	36.4%	43.0%	141.9%	124.8%	91.4%	287.0%	-5.0%
Earnings yield	13.0%	18.3%	8.4%	17.7%	20.8%	19.5%	32.0%	19.2%
Enterprise value	₹61.6B	₹46.2B	₹91.6B	₹80.9B	₹109.9B	₹128.7B	₹121.4B	₹154.3B
Net debt / EBITDA	2.04×	-0.21×	3.19×	4.94×	5.36×	6.25×	6.03×	6.4×
Cash conversion cycle (days)	36	36	42	33	97	95	66	75