Rana Sugars Limited (RANASUG.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

+73.3%

₹20.74

vs ₹11.97 price

Levered DCF

₹27.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

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	7.61×	5.86×	11.59×	5.33×	5.18×	0.94×	0.18×	-0.72×
P/B	0.3×	0.35×	0.6×	0.66×	0.98×	0.41×	0.24×	-0.87×
P/S	0.1×	0.12×	0.2×	0.24×	0.31×	0.14×	0.04×	0.05×
EV / EBITDA	4.39×	5.29×	7.54×	5.19×	3.5×	2.05×	4.38×	15.16×
Gross margin	15.5%	16.3%	21.6%	9.4%	30.9%	12.0%	13.9%	14.7%
Operating margin	0.2%	2.6%	3.0%	6.2%	10.8%	9.1%	2.7%	1.1%
Net margin	1.4%	2.0%	1.7%	4.5%	6.0%	14.4%	20.3%	-6.9%
Current ratio	1.21×	1.12×	1.07×	1.11×	1.11×	1.05×	0.91×	0.72×
Debt / equity	0.54×	0.71×	0.77×	0.75×	0.38×	0.49×	1.49×	-13.3×
Interest coverage	0.09×	1.31×	1.72×	3.76×	5.37×	5.42×	1.57×	0.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	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	4.0%	6.0%	5.2%	12.4%	19.0%	43.4%	130.4%	121.8%
Return on invested capital	0.2%	3.3%	3.7%	7.0%	17.7%	18.1%	6.8%	1.5%
Return on assets	1.8%	2.3%	1.9%	4.3%	6.6%	13.9%	24.9%	-5.6%
Free cash flow yield	33.1%	7.5%	-12.6%	-43.5%	-3.2%	56.2%	1181.2%	122.0%
Earnings yield	13.1%	17.1%	8.6%	18.8%	19.3%	106.4%	540.7%	-139.4%
Enterprise value	₹4.6B	₹5.5B	₹7.3B	₹7.1B	₹5.8B	₹2.6B	₹3B	₹8.3B
Net debt / EBITDA	2.65×	3.37×	4.18×	2.72×	0.84×	0.89×	3.66×	14.18×
Cash conversion cycle (days)	61	90	79	84	23	9	11	85