Religare Enterprises Limited (RELIGARE.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

+412.9%

₹1,124.13

vs ₹219.19 price

Levered DCF

₹2,834.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

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	78.05×	60.21×	30.17×	1.51×	-2.54×	-4.45×	-0.48×	-0.51×
P/B	2.31×	3×	3×	2.26×	-3.99×	-48.08×	4.45×	0.79×
P/S	0.8×	1.03×	1.13×	1.08×	1.23×	0.94×	0.22×	0.29×
EV / EBITDA	40.94×	19.63×	10.48×	1.18×	-25.97×	19.85×	-35.19×	-10.15×
Gross margin	80.1%	66.5%	65.8%	85.5%	76.8%	70.0%	58.3%	62.3%
Operating margin	-0.3%	3.8%	2.3%	75.4%	-32.3%	-20.7%	-50.9%	-67.1%
Net margin	1.0%	1.7%	3.8%	2.0%	-48.4%	-21.2%	-46.0%	-57.4%
Current ratio	0.18×	0.81×	0.9×	0.99×	1.48×	1.73×	1.8×	11.33×
Debt / equity	0.17×	0.09×	0.19×	0.1×	-4.88×	-104.92×	53.97×	8.07×
Interest coverage	-0.64×	7.95×	1.55×	5.2×	-1.39×	-0.69×	-1.22×	-1.78×
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	3.0%	5.0%	9.9%	4.2%	157.2%	1079.8%	-923.1%	-154.5%
Return on invested capital	-0.4%	2.1%	0.7%	22.7%	-8.1%	-2.9%	-10.6%	-16.0%
Return on assets	0.6%	1.1%	2.4%	1.1%	-16.5%	-5.8%	-11.5%	-13.4%
Free cash flow yield	38.5%	20.5%	21.0%	31.5%	39.7%	59.8%	536.1%	536.2%
Earnings yield	1.3%	1.7%	3.3%	1.9%	-39.4%	-22.5%	-207.6%	-196.0%
Enterprise value	₹55B	₹66.8B	₹64B	₹46.5B	₹61.8B	₹55.8B	₹43.8B	₹64.2B
Net debt / EBITDA	-9×	-2.51×	-1.03×	0×	-9.52×	11.8×	-31.58×	-9.11×
Cash conversion cycle (days)	-447	-210	-121	-261	-793	-406	-233	-56