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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
+55.5%
₹3,958.73
vs ₹2,545.70 price
Levered DCF
₹1,846.15
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
—
Rating
C+
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E26.68×20.37×29.12×17.13×18×16.01×9.68×39.59×
P/B5.08×7.03×6.81×3.77×3.62×2.96×1.59×2.67×
P/S4.34×5.71×4.42×2.28×2.12×1.67×0.76×1.32×
EV / EBITDA16.66×23.2×18.57×10.46×9.65×8.39×5.25×13.52×
Gross margin41.3%67.2%68.0%33.3%65.6%64.1%65.4%66.0%
Operating margin17.8%47.9%19.0%17.2%16.2%14.3%11.6%5.9%
Net margin16.3%28.0%15.2%13.3%11.8%10.4%7.9%3.3%
Current ratio3.48×3.88×2.28×2.57×2.58×2.21×1.52×1.25×
Debt / equity0.03×0×0×0×0×0.01×0.07×0.23×
Interest coverage141.13×505.29×76.38×76.06×50.17×30.57×15.56×3.95×
Dividend yield1.3%0.7%0.8%1.4%1.3%0.0%4.5%1.1%
Payout ratio34.5%14.4%22.6%23.5%23.1%0.0%44.0%44.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity19.0%34.5%23.4%22.0%20.1%18.5%16.4%6.7%
Return on invested capital14.7%45.8%21.4%20.5%18.8%18.2%17.6%6.8%
Return on assets14.5%27.9%17.1%16.1%14.9%13.2%10.9%4.3%
Free cash flow yield-0.0%1.1%1.0%5.0%4.4%7.8%14.0%6.1%
Earnings yield3.7%4.9%3.4%5.8%5.6%6.2%10.3%2.5%
Enterprise value₹29.4B₹37B₹25.3B₹11.3B₹8.7B₹6B₹2.9B₹4.6B
Net debt / EBITDA-0.74×-0.18×-0.14×-0.23×-0.62×-0.53×0.2×1.05×
Cash conversion cycle (days)847261591198873101