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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
+111.5%
₹487.98
vs ₹230.74 price
Levered DCF
₹256.88
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.48
Grey zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E22.81×32.27×50.72×17.16×12.92×28.56×27.58×34.87×
P/B3.49×4.84×6.83×1.97×1.77×2.88×2.84×3.02×
P/S1.85×2.78×4.86×1.65×1.74×2.95×3.45×3.88×
EV / EBITDA11.04×17.64×26.48×8×6.81×11.77×11.39×12.67×
Gross margin11.9%16.6%19.7%21.5%26.1%32.1%32.8%33.4%
Operating margin10.5%15.3%18.1%19.3%23.7%23.7%29.6%30.1%
Net margin8.1%8.6%9.6%9.6%13.5%10.3%12.5%11.1%
Current ratio1.32×1.29×1.21×1.38×1.3×1.47×1.26×1.39×
Debt / equity0.03×0.02×0.02×0.03×0.02×0.02×0.03×0×
Interest coverage118.4×126.71×82.39×84.29×110.52×136.86×110.53×28.91×
Dividend yield1.2%0.9%0.5%2.1%3.5%2.5%1.4%1.6%
Payout ratio26.4%30.5%26.7%36.5%45.3%70.3%39.5%56.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity15.3%15.0%13.5%11.5%13.7%10.1%10.3%8.7%
Return on invested capital12.9%17.8%17.7%15.4%16.3%14.8%16.8%12.9%
Return on assets5.9%5.8%6.1%5.7%7.3%5.3%5.9%5.0%
Free cash flow yield0.5%-0.7%2.8%1.6%5.5%6.4%2.9%-3.1%
Earnings yield4.4%3.1%2.0%5.8%7.7%3.5%3.6%2.9%
Enterprise value₹73.1B₹94.1B₹122.8B₹31B₹25.4B₹38.5B₹38B₹38.3B
Net debt / EBITDA-0.89×-0.49×-0.44×-0.38×-0.42×-0.67×-0.28×-0.22×
Cash conversion cycle (days)13-144149149119118104