Ras Resorts and Apart Hotels Limited (RASRESOR.BO) 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

-41.6%

₹32.44

vs ₹55.59 price

Levered DCF

₹39.34

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 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	27.87×	61.77×	87.54×	-1,385×	73.21×	-22.93×	186.36×	42×
P/B	0.74×	1.06×	0.82×	0.49×	0.58×	0.43×	0.76×	0.86×
P/S	1.11×	1.53×	1.22×	0.85×	1.56×	2.01×	1.83×	2×
EV / EBITDA	9.98×	15.07×	13.96×	11.83×	16.19×	24.81×	28.81×	15.24×
Gross margin	21.3%	82.6%	18.8%	9.5%	19.1%	18.7%	44.9%	58.9%
Operating margin	8.0%	21.0%	5.1%	4.0%	5.7%	-0.5%	2.2%	12.2%
Net margin	4.0%	2.5%	1.4%	-0.1%	2.1%	-8.8%	1.0%	4.8%
Current ratio	0.7×	0.56×	0.48×	0.45×	0.34×	0.19×	0.2×	0.2×
Debt / equity	0.08×	0.21×	0.23×	0.22×	0.28×	0.24×	0.24×	0.27×
Interest coverage	3.19×	5.52×	1.13×	0.74×	0.91×	-0.04×	0.34×	2.09×
Dividend yield	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	5.7%	0.0%	0.0%	0.0%	0.0%	2.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.7%	1.7%	0.9%	-0.0%	0.8%	-1.9%	0.4%	2.1%
Return on invested capital	2.9%	7.2%	1.4%	-0.1%	1.4%	-0.1%	0.6%	2.4%
Return on assets	1.9%	1.1%	0.6%	-0.0%	0.5%	-1.2%	0.3%	1.3%
Free cash flow yield	8.1%	6.3%	5.3%	12.5%	-1.5%	5.9%	4.6%	6.0%
Earnings yield	3.6%	1.6%	1.1%	-0.1%	1.4%	-4.4%	0.5%	2.4%
Enterprise value	₹155.6M	₹227.3M	₹197.9M	₹155.9M	₹177.4M	₹139.4M	₹212M	₹237.8M
Net debt / EBITDA	0.61×	1.66×	2.68×	3.49×	5.05×	8.77×	6.69×	3.49×
Cash conversion cycle (days)	-6	-174	-62	32	17	-89	-84	-68