Rane (Madras) Limited (RML.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

-452.6%

-₹4,499.55

vs ₹1,276.00 price

Levered DCF

-₹2,115.02

After debt service

Piotroski score

5 / 9

Average

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	15.94×	48.05×	36.65×	22.02×	50.35×	-7.81×	-3.75×	173.53×
P/B	2.28×	1.53×	4.61×	2.74×	2.35×	2.63×	0.93×	1.83×
P/S	0.44×	0.3×	0.34×	0.28×	0.31×	0.38×	0.13×	0.27×
EV / EBITDA	6.87×	6.35×	41.33×	6.91×	8.72×	25.74×	10.51×	6.7×
Gross margin	23.7%	24.7%	18.6%	29.2%	35.3%	30.7%	33.7%	33.3%
Operating margin	5.0%	4.4%	2.5%	3.8%	-0.7%	-3.3%	-1.6%	3.8%
Net margin	2.8%	1.1%	0.1%	1.3%	0.6%	-4.9%	-3.6%	0.2%
Current ratio	0.92×	0.98×	1.43×	0.93×	0.89×	0.78×	0.78×	0.9×
Debt / equity	1×	1.21×	2.85×	2.76×	2.56×	2.58×	2.58×	1.82×
Interest coverage	3.25×	2.01×	1.53×	2.57×	-0.55×	-1.51×	-0.52×	1.82×
Dividend yield	1.3%	2.6%	1.6%	0.0%	0.0%	0.0%	3.2%	3.2%
Payout ratio	20.5%	71.2%	639.7%	0.0%	0.0%	0.0%	-11.8%	557.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.3%	5.6%	1.2%	12.4%	4.7%	-33.6%	-24.8%	1.1%
Return on invested capital	9.3%	4.8%	-0.2%	4.9%	-0.6%	-6.1%	-2.9%	0.8%
Return on assets	4.3%	1.7%	0.2%	2.2%	0.9%	-5.9%	-4.9%	0.3%
Free cash flow yield	-1.6%	6.2%	-1.4%	-3.1%	-19.7%	-7.3%	-20.7%	-4.0%
Earnings yield	6.3%	3.7%	0.3%	4.5%	2.0%	-12.8%	-26.7%	0.6%
Enterprise value	₹24.2B	₹18.1B	₹18.9B	₹13B	₹11.1B	₹9.3B	₹6.3B	₹8.2B
Net debt / EBITDA	2×	2.74×	15.45×	3.4×	4.5×	12.59×	7.65×	3.27×
Cash conversion cycle (days)	69	67	52	51	39	22	46	50