Resonance Specialties Limited (RESONANCE.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

-66.9%

₹76.14

vs ₹230.00 price

Levered DCF

-₹6.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

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	8.65×	12.65×	36.34×	17.91×	16.47×	13.6×	5.29×	7.82×
P/B	1.23×	1.31×	1.88×	1.61×	3.93×	3.52×	0.95×	0.95×
P/S	1×	1.07×	1.97×	1.54×	2.74×	2.05×	0.52×	0.6×
EV / EBITDA	5.85×	8.18×	23.18×	10.8×	11.12×	8.83×	3.39×	4.09×
Gross margin	29.6%	38.3%	34.9%	76.3%	66.0%	63.0%	61.0%	54.7%
Operating margin	14.0%	31.9%	26.9%	9.1%	18.4%	20.0%	11.6%	9.6%
Net margin	11.5%	8.4%	5.4%	8.6%	16.7%	15.0%	9.8%	7.7%
Current ratio	4.12×	6.76×	4.32×	6.7×	12.52×	3.12×	2.78×	2.28×
Debt / equity	0.03×	0.05×	0.07×	0.04×	0×	0.02×	0.01×	0×
Interest coverage	52.69×	71.28×	38.11×	49.72×	198.71×	83.96×	18.44×	7.44×
Dividend yield	1.3%	0.0%	1.1%	1.3%	0.6%	0.0%	4.0%	0.0%
Payout ratio	11.1%	0.0%	38.9%	23.1%	9.3%	0.0%	21.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.2%	10.3%	5.2%	9.0%	23.9%	25.9%	18.0%	12.1%
Return on invested capital	12.1%	26.6%	17.4%	6.5%	19.3%	23.4%	15.9%	10.1%
Return on assets	11.2%	8.7%	4.0%	7.6%	21.8%	19.3%	13.4%	8.4%
Free cash flow yield	14.9%	-4.9%	-0.2%	-17.8%	6.2%	2.4%	-1.9%	18.4%
Earnings yield	11.6%	7.9%	2.8%	5.6%	6.1%	7.4%	18.9%	12.8%
Enterprise value	₹915.5M	₹867.2M	₹1.1B	₹911M	₹2B	₹1.4B	₹277.7M	₹241.1M
Net debt / EBITDA	0.1×	0.29×	0.78×	0.19×	-0.12×	-0.27×	-0.17×	-0.17×
Cash conversion cycle (days)	184	263	238	557	197	164	161	106