Rain Industries Limited (RAIN.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

+12.4%

₹209.67

vs ₹186.60 price

Levered DCF

₹134.32

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.56

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	115.03×	-10.09×	-5.54×	3.99×	13.9×	7.64×	8.47×	7.74×
P/B	0.66×	0.86×	0.71×	0.68×	1.32×	0.77×	0.67×	0.97×
P/S	0.29×	0.37×	0.29×	0.27×	0.56×	0.41×	0.27×	0.32×
EV / EBITDA	6.03×	8.45×	11.23×	3.94×	6.05×	5.44×	6.15×	5.8×
Gross margin	29.8%	17.8%	17.2%	35.7%	39.3%	45.8%	43.3%	42.8%
Operating margin	7.5%	2.7%	5.1%	14.0%	10.3%	9.1%	7.7%	9.9%
Net margin	0.3%	-3.7%	-5.2%	6.9%	4.0%	5.4%	3.2%	4.2%
Current ratio	1.87×	1.75×	2.44×	2.36×	2.19×	1.94×	2×	2.01×
Debt / equity	1.32×	1.28×	1.18×	1.15×	1.39×	1.6×	1.58×	1.68×
Interest coverage	1.43×	0.44×	1.12×	6.14×	3.03×	2.09×	2.08×	3.26×
Dividend yield	0.7%	0.6%	0.6%	0.6%	0.4%	0.8%	1.2%	1.5%
Payout ratio	79.1%	-6.0%	-3.6%	2.3%	5.8%	6.0%	9.8%	11.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.6%	-8.5%	-12.8%	17.1%	9.5%	10.1%	7.9%	12.6%
Return on invested capital	2.1%	2.5%	5.2%	10.1%	4.9%	3.9%	5.1%	6.4%
Return on assets	0.2%	-3.0%	-4.7%	6.5%	3.1%	3.1%	2.4%	3.7%
Free cash flow yield	-6.8%	22.7%	47.5%	6.4%	3.5%	17.4%	31.5%	12.2%
Earnings yield	0.9%	-9.9%	-18.1%	25.1%	7.2%	13.1%	11.8%	12.9%
Enterprise value	₹131.9B	₹128.7B	₹124.8B	₹143.1B	₹154.5B	₹116B	₹100.7B	₹115.2B
Net debt / EBITDA	3.79×	4.71×	6.56×	2.36×	2.89×	3.44×	4.13×	3.53×
Cash conversion cycle (days)	117	87	89	127	91	96	85	89