Radico Khaitan Limited (RADICO.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

-151.1%

-₹2,171.94

vs ₹4,249.70 price

Levered DCF

-₹358.88

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

20.22

Safe zone

Rating

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	58.22×	90.06×	88.33×	72.49×	45.07×	26.99×	15.62×	27.12×
P/B	10.61×	11.31×	9.49×	7.23×	5.85×	4.17×	2.32×	3.94×
P/S	5.82×	6.42×	5.62×	5.08×	4.14×	3.12×	1.48×	2.51×
EV / EBITDA	34.85×	47.61×	47.47×	47.08×	30.12×	18.71×	10.8×	15.86×
Gross margin	38.7%	41.8%	41.5%	40.7%	43.7%	48.5%	47.3%	50.4%
Operating margin	14.4%	33.3%	32.4%	31.3%	34.4%	37.9%	33.8%	35.2%
Net margin	10.0%	7.1%	6.4%	7.0%	9.2%	11.6%	9.4%	9.3%
Current ratio	1.92×	1.63×	1.7×	1.71×	2.47×	2.11×	1.69×	1.57×
Debt / equity	0.15×	0.27×	0.34×	0.34×	0.1×	0.16×	0.27×	0.25×
Interest coverage	13.56×	21.73×	22.39×	43.78×	73.86×	40.67×	25.69×	20.59×
Dividend yield	0.2%	0.1%	0.2%	0.3%	0.3%	0.4%	0.5%	0.3%
Payout ratio	8.9%	11.6%	15.3%	18.2%	12.2%	9.6%	8.4%	8.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.2%	12.6%	10.7%	10.0%	13.0%	15.5%	14.9%	14.5%
Return on invested capital	16.4%	33.3%	30.2%	24.5%	32.4%	32.2%	33.5%	28.8%
Return on assets	12.2%	7.5%	6.4%	5.9%	9.5%	10.2%	9.2%	8.6%
Free cash flow yield	1.3%	0.6%	-0.3%	-3.1%	0.7%	3.6%	-0.4%	4.4%
Earnings yield	1.7%	1.1%	1.1%	1.4%	2.2%	3.7%	6.4%	3.7%
Enterprise value	₹356.2B	₹318.6B	₹238.8B	₹166B	₹119.7B	₹76.5B	₹39.8B	₹56B
Net debt / EBITDA	0.42×	1.06×	1.43×	1.79×	0.26×	0.41×	1.08×	0.93×
Cash conversion cycle (days)	126	193	167	187	190	185	177	161