Royale Manor Hotels and Industries Limited (RAYALEMA.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

-7.9%

₹23.77

vs ₹25.80 price

Levered DCF

₹14.61

After debt service

Piotroski score

2 / 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	18.85×	25.2×	19.46×	13.18×	43.24×	85.94×	6.41×	5.33×
P/B	0.71×	1.28×	1.41×	0.96×	0.86×	0.53×	0.37×	0.43×
P/S	2.01×	3.4×	3.5×	2.26×	2.92×	3.04×	0.75×	0.76×
EV / EBITDA	8.64×	13.08×	11.65×	8.23×	14.85×	-421.15×	4.93×	4.27×
Gross margin	55.9%	56.3%	61.6%	63.8%	56.9%	43.9%	52.6%	54.7%
Operating margin	9.1%	12.7%	20.4%	21.6%	11.2%	-12.9%	16.1%	19.0%
Net margin	10.7%	13.4%	18.0%	17.1%	6.8%	3.6%	11.7%	14.2%
Current ratio	4.22×	3.57×	2.06×	1.61×	2.39×	1.82×	1.68×	1.93×
Debt / equity	0.11×	0.1×	0.15×	0.18×	0.19×	0.22×	0.19×	0.2×
Interest coverage	2.94×	4.03×	5.91×	5.07×	1.55×	-1.02×	3.17×	4.38×
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	3.8%	5.1%	7.2%	7.3%	2.0%	0.6%	5.8%	8.0%
Return on invested capital	2.0%	3.1%	5.3%	6.0%	1.8%	-1.8%	5.2%	6.8%
Return on assets	3.2%	4.4%	5.9%	5.7%	1.5%	0.5%	4.2%	5.8%
Free cash flow yield	6.5%	-5.1%	1.7%	18.5%	-4.8%	3.9%	9.4%	30.2%
Earnings yield	5.3%	3.9%	5.1%	7.6%	2.3%	1.2%	15.6%	18.8%
Enterprise value	₹472M	₹805.6M	₹866.3M	₹562.2M	₹484.9M	₹327.3M	₹242.1M	₹257.5M
Net debt / EBITDA	0.39×	0.29×	0.62×	0.9×	2.66×	-121.53×	1.64×	1.35×
Cash conversion cycle (days)	141	167	198	170	334	547	183	168