RLF Limited (RLF.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

-159.5%

-₹5.35

vs ₹9.00 price

Levered DCF

-₹1.50

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

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	-33.3×	-48.89×	162.5×	-2.22×	-6.97×	-6.05×	-3.38×	7.03×
P/B	0.39×	0.4×	0.27×	0.22×	0.25×	0.15×	0.07×	0.17×
P/S	21.52×	10.32×	4.04×	6.43×	8.71×	10.6×	3.4×	4.92×
EV / EBITDA	222.18×	190.25×	51.28×	-3.88×	211.9×	-55.56×	-282.34×	13.35×
Gross margin	13.5%	14.0%	52.8%	100.0%	100.0%	70.1%	81.4%	65.0%
Operating margin	-100.4%	-37.4%	34.5%	78.1%	80.9%	-135.2%	-60.7%	11.9%
Net margin	-64.1%	-21.1%	2.4%	-289.3%	-125.0%	-176.4%	-101.5%	69.7%
Current ratio	0.66×	0.72×	0.88×	1.04×	1.03×	0.87×	0.73×	2.3×
Debt / equity	0.13×	0.13×	0.13×	0.14×	0.16×	0.15×	0.21×	0.35×
Interest coverage	-1.56×	-5.99×	6.27×	6.38×	4.43×	-3.33×	-1.49×	1×
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	-1.2%	-0.8%	0.2%	-10.0%	-3.6%	-2.6%	-2.2%	2.4%
Return on invested capital	-1.6%	-1.3%	2.0%	2.4%	2.0%	-1.7%	-1.1%	0.3%
Return on assets	-1.0%	-0.7%	0.1%	-8.5%	-3.0%	-2.1%	-1.7%	1.7%
Free cash flow yield	2.2%	2.5%	2.6%	3.0%	0.7%	-17.7%	62.7%	-10.4%
Earnings yield	-3.0%	-2.0%	0.6%	-45.0%	-14.4%	-16.6%	-29.8%	14.2%
Enterprise value	₹141.3M	₹147.8M	₹110.4M	₹100.2M	₹100.1M	₹76.8M	₹73.6M	₹143.8M
Net debt / EBITDA	55.32×	46.78×	16.3×	-1.49×	82.66×	-27.61×	-211.02×	8.98×
Cash conversion cycle (days)	2,008	965	624	372	524	3,717	3,523	2,604