RITES Limited (RITES.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

-17.7%

₹158.44

vs ₹192.53 price

Levered DCF

₹154.33

After debt service

Piotroski score

5 / 9

Average

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	20.57×	28.74×	36.33×	15.72×	12.22×	13.73×	9.99×	10.96×
P/B	3.15×	4.19×	6.35×	3.27×	2.53×	2.48×	2.34×	2.12×
P/S	3.49×	4.99×	6.75×	3.24×	2.37×	3.11×	2.48×	2.5×
EV / EBITDA	12.32×	19.68×	24.69×	10.04×	7.63×	9.38×	7.92×	7.54×
Gross margin	26.8%	30.8%	33.6%	35.9%	33.6%	35.0%	33.6%	36.5%
Operating margin	20.2%	27.6%	30.5%	33.3%	31.6%	32.8%	31.1%	33.2%
Net margin	17.0%	17.4%	18.6%	20.6%	19.4%	22.7%	24.8%	22.8%
Current ratio	1.67×	1.53×	1.65×	1.64×	1.55×	1.55×	1.73×	1.68×
Debt / equity	0×	0×	0×	0×	0.01×	0.02×	0.02×	0.02×
Interest coverage	128.45×	205.05×	158.64×	124.27×	320.18×	159.77×	111.64×	131.08×
Dividend yield	4.5%	3.2%	2.8%	5.1%	6.7%	6.2%	6.5%	4.2%
Payout ratio	92.0%	92.4%	100.3%	79.8%	81.4%	84.7%	64.6%	45.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.3%	14.6%	17.5%	20.8%	20.7%	18.1%	23.4%	19.4%
Return on invested capital	11.2%	15.7%	18.9%	21.4%	21.9%	17.0%	18.5%	16.8%
Return on assets	6.9%	6.3%	8.0%	9.1%	8.9%	7.4%	10.4%	8.6%
Free cash flow yield	4.1%	4.6%	1.8%	5.0%	2.7%	7.3%	3.4%	0.1%
Earnings yield	4.9%	3.5%	2.8%	6.4%	8.2%	7.3%	10.0%	9.1%
Enterprise value	₹83.5B	₹101.3B	₹159B	₹74.8B	₹55.3B	₹51.6B	₹53.2B	₹45.4B
Net debt / EBITDA	-0.13×	-1.81×	-1.01×	-1.4×	-1.08×	-1.41×	-1.24×	-1.01×
Cash conversion cycle (days)	82	55	134	108	123	152	141	121