Rathi Bars Limited (RATHIBAR.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

+355.4%

₹77.42

vs ₹17.00 price

Levered DCF

-₹90.40

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.25

Distress zone

Rating

D+

Overall 1 / 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	-2.86×	22.29×	16.38×	13.89×	16.77×	11.34×	4.94×	12.17×
P/B	0.39×	0.6×	0.62×	0.4×	0.55×	0.31×	0.16×	0.29×
P/S	0.09×	0.12×	0.1×	0.07×	0.1×	0.08×	0.04×	0.06×
EV / EBITDA	-49.15×	9.68×	8.69×	7.11×	8.45×	6.01×	4.49×	5.88×
Gross margin	2.1%	5.1%	5.7%	4.0%	4.8%	7.4%	9.6%	10.7%
Operating margin	-2.0%	1.8%	1.6%	1.8%	1.5%	1.9%	1.6%	1.1%
Net margin	-3.1%	0.5%	0.6%	0.5%	0.6%	0.7%	0.7%	0.5%
Current ratio	1.33×	1.72×	1.9×	1.84×	1.8×	1.93×	1.79×	2.18×
Debt / equity	1.01×	0.85×	0.71×	0.8×	0.74×	0.56×	0.5×	0.36×
Interest coverage	-1.21×	1.32×	1.61×	1.57×	1.72×	1.78×	1.72×	2.63×
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	-13.6%	2.7%	3.8%	2.9%	3.3%	2.7%	3.3%	2.3%
Return on invested capital	-4.0%	3.4%	5.3%	3.9%	4.2%	3.5%	4.5%	2.4%
Return on assets	-4.5%	1.3%	2.0%	1.4%	1.6%	1.5%	1.9%	1.5%
Free cash flow yield	-14.5%	-15.8%	19.4%	-4.3%	-28.3%	-12.8%	-65.3%	-66.9%
Earnings yield	-35.0%	4.5%	6.1%	7.2%	6.0%	8.8%	20.2%	8.2%
Enterprise value	₹1.2B	₹1.4B	₹1.2B	₹1.1B	₹1.1B	₹733.8M	₹539.9M	₹514M
Net debt / EBITDA	-35.52×	5.69×	4.61×	4.74×	4.87×	3.86×	3.37×	3.27×
Cash conversion cycle (days)	131	78	48	65	83	74	59	50