Rishabh Instruments Limited (RISHABH.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

-79.7%

₹125.37

vs ₹616.25 price

Levered DCF

₹484.33

After debt service

Piotroski score

2 / 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
P/E	16.46×	40.85×	42.72×	35.94×	34.33×	47.55×	55.26×
P/B	1.8×	1.6×	3.01×	4.19×	4.94×	5.62×	5.91×
P/S	1.73×	1.36×	2.44×	2.95×	3.6×	4.34×	4.19×
EV / EBITDA	9.65×	15.62×	20.42×	20.26×	21.06×	24.75×	28.08×
Gross margin	28.5%	24.3%	15.9%	18.9%	55.4%	58.3%	18.3%
Operating margin	11.7%	2.9%	6.1%	10.0%	12.2%	10.5%	9.2%
Net margin	10.5%	3.1%	5.8%	8.2%	10.1%	9.0%	7.6%
Current ratio	3.02×	2.94×	2.66×	2.04×	1.95×	1.93×	1.86×
Debt / equity	0.11×	0.16×	0.1×	0.26×	0.3×	0.35×	0.36×
Interest coverage	16.49×	3.49×	10.64×	11.04×	17.02×	14.4×	12.92×
Dividend yield	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.0%
Payout ratio	0.0%	1.2%	2.2%	1.9%	2.3%	2.5%	2.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	10.9%	3.7%	7.1%	11.7%	13.8%	11.6%	10.7%
Return on invested capital	8.1%	2.0%	5.2%	8.8%	10.3%	7.6%	7.2%
Return on assets	8.1%	2.6%	5.1%	7.2%	8.3%	6.8%	6.2%
Free cash flow yield	0.2%	-1.1%	0.4%	-0.2%	-0.2%	1.0%	1.5%
Earnings yield	6.1%	2.3%	2.4%	2.8%	2.8%	2.1%	1.8%
Enterprise value	₹12.2B	₹9.8B	₹16.9B	₹17.2B	₹17.4B	₹17.3B	₹17.4B
Net debt / EBITDA	-0.96×	0.07×	0.06×	0.46×	0.69×	0.74×	0.98×
Cash conversion cycle (days)	127	125	185	134	169	105	80