Sandu Pharmaceuticals Limited (SANDUPHQ.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

-20.5%

₹28.56

vs ₹35.93 price

Levered DCF

₹23.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.64

Safe zone

Rating

C-

Overall 1 / 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	16.68×	31.25×	39.2×	32.3×	35.18×	20.55×	11.52×	23.35×
P/B	0.67×	1.15×	1.41×	1.25×	1.54×	0.67×	0.28×	0.54×
P/S	0.42×	0.72×	0.85×	0.75×	0.85×	0.38×	0.17×	0.31×
EV / EBITDA	7.99×	16.21×	20.72×	16.63×	18.88×	7.73×	5.73×	9.85×
Gross margin	38.6%	35.0%	34.2%	50.6%	45.4%	39.3%	46.3%	47.3%
Operating margin	3.3%	3.1%	2.5%	3.0%	3.6%	2.7%	1.9%	3.0%
Net margin	2.5%	2.3%	2.2%	2.3%	2.4%	1.9%	1.5%	1.4%
Current ratio	2.43×	2.18×	2.1×	1.84×	1.99×	2.44×	1.98×	1.45×
Debt / equity	0.01×	0.01×	0×	0×	0×	0×	0.04×	0.21×
Interest coverage	20.72×	20.27×	27.14×	24.74×	33.9×	20.08×	2.08×	1.48×
Dividend yield	2.6%	1.6%	1.3%	1.3%	0.6%	0.0%	0.0%	0.0%
Payout ratio	43.8%	49.8%	49.6%	43.5%	19.9%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.0%	3.7%	3.6%	3.9%	4.4%	3.3%	2.5%	2.3%
Return on invested capital	3.4%	3.4%	2.9%	3.4%	4.3%	3.0%	2.3%	2.7%
Return on assets	3.2%	2.8%	2.8%	2.8%	3.2%	2.3%	1.7%	1.5%
Free cash flow yield	18.1%	0.0%	-1.2%	-1.7%	0.2%	33.3%	73.2%	23.4%
Earnings yield	6.0%	3.2%	2.6%	3.1%	2.8%	4.9%	8.7%	4.3%
Enterprise value	₹239.7M	₹475.4M	₹563.4M	₹467.7M	₹550.5M	₹179.1M	₹83.5M	₹209.7M
Net debt / EBITDA	-1.83×	-0.28×	-0.35×	-0.81×	-0.32×	-1.95×	0.02×	2.55×
Cash conversion cycle (days)	79	107	86	95	71	79	156	162