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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
+12.9%
₹16.21
vs ₹14.35 price
Levered DCF
₹3.17
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.46
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-122.62×-26.83×-57.64×1,941.78×-78.02×-72.82×45.51×18.13×
P/B0.77×1.33×1.54×1.96×1.97×1.59×1.88×1.85×
P/S0.45×0.62×0.75×0.83×0.99×0.83×0.84×0.69×
EV / EBITDA10.55×14.95×17.89×17.24×19.41×16.21×11.27×10.71×
Gross margin34.7%46.8%11.9%12.1%8.3%7.7%10.1%10.3%
Operating margin2.0%2.9%3.2%4.7%3.6%3.3%7.1%7.8%
Net margin-0.4%-2.3%-1.3%0.0%-1.3%-1.1%1.8%3.8%
Current ratio1.52×1.44×1.61×1.49×1.23×1.35×1.13×0.95×
Debt / equity0.8×0.89×1.06×1.03×1.08×1.08×0.97×0.75×
Interest coverage0.52×0.76×0.65×1.07×0.71×0.69×1.65×3.63×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-0.6%-5.0%-2.7%0.1%-2.5%-2.2%4.1%10.2%
Return on invested capital1.8%3.2%2.5%5.4%2.6%2.1%5.2%8.6%
Return on assets-0.3%-2.1%-1.1%0.0%-0.9%-0.8%1.6%3.9%
Free cash flow yield12.2%21.8%-0.2%2.6%-2.7%-4.2%-67.5%-28.7%
Earnings yield-0.8%-3.7%-1.7%0.1%-1.3%-1.4%2.2%5.5%
Enterprise value₹326.8M₹464.7M₹567.2M₹670M₹682.7M₹600.9M₹658.4M₹572M
Net debt / EBITDA5.38×5.99×7.29×5.93×6.87×6.4×3.75×2.94×
Cash conversion cycle (days)16512515213215915010249