RGF Capital Markets Limited (RGF.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

-63.4%

₹1.22

vs ₹3.34 price

Levered DCF

₹2.44

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

10.07

Safe zone

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	461.54×	60,009.6×	7,100×	4,700×	-138.24×	-66.2×	-24.35×	-361.54×
P/B	1.36×	0.87×	0.77×	0.51×	0.51×	0.51×	0.5×	0.49×
P/S	37.02×	89.97×	34.54×	45.14×	62.96×	137.45×	0×	14.94×
EV / EBITDA	45.71×	839.57×	504.55×	205.67×	-194.72×	-81.92×	-31.6×	73.59×
Gross margin	96.4%	79.6%	93.6%	89.4%	69.6%	41.1%	0.0%	100.0%
Operating margin	62.9%	1.0%	0.8%	1.7%	-44.9%	-211.8%	0.0%	65.3%
Net margin	8.2%	0.1%	0.3%	1.2%	-45.2%	-207.5%	0.0%	-4.1%
Current ratio	8.82×	0×	3.48×	17.49×	0×	9.07×	9.38×	4.9×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	-167.67×	0×	0×	0×
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	0.3%	0.0%	0.0%	0.0%	-0.4%	-0.8%	-2.1%	-0.1%
Return on invested capital	0.3%	0.0%	0.0%	0.0%	-0.3%	-0.8%	-1.9%	-17.6%
Return on assets	0.3%	0.0%	0.0%	0.0%	-0.3%	-0.8%	-2.0%	-0.1%
Free cash flow yield	0.6%	5.1%	5.1%	-5.6%	15.9%	0.3%	12.5%	2.3%
Earnings yield	0.2%	0.0%	0.0%	0.0%	-0.7%	-1.5%	-4.1%	-0.3%
Enterprise value	₹146.2M	₹78.9M	₹71.6M	₹41.3M	₹48.1M	₹58.1M	₹58.2M	₹67.8M
Net debt / EBITDA	-13.19×	-437.23×	-245.57×	-145.13×	90.75×	17.42×	6.67×	-2.97×
Cash conversion cycle (days)	-26,313	-18,859	-17,630	146	-5,967	1,977	-35	29