Popular Vehicles and Services Limited (PVSL.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

+247.0%

₹322.75

vs ₹93.00 price

Levered DCF

-₹108.71

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	-49.15×	-68.05×	21.65×	30.68×	51.42×	53.31×	157.8×	92.05×
P/B	0.98×	1.12×	2.52×	5.73×	7.02×	7.99×	9.24×	9.94×
P/S	0.1×	0.13×	0.29×	0.4×	0.57×	0.68×	0.62×	0.5×
EV / EBITDA	8.95×	9.14×	8.79×	12.78×	15.29×	17.17×	21.07×	19.35×
Gross margin	4.7%	5.3%	14.9%	5.7%	5.2%	4.9%	4.4%	5.0%
Operating margin	1.0%	1.1%	7.6%	3.0%	2.7%	2.8%	1.5%	2.2%
Net margin	-0.2%	-0.2%	1.4%	1.3%	1.0%	1.1%	0.4%	0.5%
Current ratio	1.04×	1.28×	1.35×	1.11×	1.16×	1.15×	0.92×	0.97×
Debt / equity	2.24×	1.44×	1.42×	2.74×	2.7×	2.64×	3.03×	4.03×
Interest coverage	0.6×	0.69×	4.51×	2.07×	1.64×	1.38×	0.72×	1.3×
Dividend yield	0.0%	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-34.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-2.0%	-1.6%	11.6%	18.7%	12.0%	13.2%	5.9%	10.8%
Return on invested capital	2.8%	3.6%	20.7%	8.6%	6.2%	5.9%	2.4%	5.7%
Return on assets	-0.5%	-0.5%	3.9%	4.3%	2.7%	2.9%	1.1%	1.8%
Free cash flow yield	-8.0%	8.2%	-0.0%	2.7%	1.1%	3.3%	-5.3%	-5.3%
Earnings yield	-2.0%	-1.5%	4.6%	3.3%	1.7%	1.7%	0.6%	1.1%
Enterprise value	₹19.5B	₹16B	₹25B	₹28.8B	₹27B	₹25.6B	₹25.7B	₹27.4B
Net debt / EBITDA	6.13×	5.08×	3×	4.06×	4.17×	3.99×	4.97×	5.46×
Cash conversion cycle (days)	46	50	56	45	53	59	-6	55