Sanofi India Limited (SANOFI.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

+23.4%

₹4,181.67

vs ₹3,387.80 price

Levered DCF

₹6,976.51

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

10.83

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.81×	44.95×	29.76×	12.6×	11.16×	23.29×	22.59×	22.36×
P/B	12.56×	16.38×	10.69×	6.13×	4.73×	5.25×	3.83×	3.83×
P/S	5.12×	7×	5.44×	2.82×	3.56×	3.83×	3.05×	3.07×
EV / EBITDA	18.93×	28.12×	21.25×	9.66×	11.83×	13.89×	12.34×	12.29×
Gross margin	39.1%	50.6%	51.7%	56.5%	55.2%	55.9%	55.1%	57.7%
Operating margin	24.7%	37.7%	36.3%	40.5%	38.9%	38.1%	37.4%	39.9%
Net margin	17.8%	20.5%	30.2%	22.4%	31.9%	16.5%	13.5%	13.7%
Current ratio	1.63×	1.57×	1.92×	2.17×	2.85×	2.67×	3.03×	2.55×
Debt / equity	0.02×	0.02×	0.02×	0.02×	0.01×	0.01×	0×	0×
Interest coverage	267.06×	505.4×	426.71×	660.71×	638.39×	614.56×	3,823.33×	1,579.43×
Dividend yield	4.7%	2.7%	8.0%	20.1%	8.0%	7.2%	2.0%	1.9%
Payout ratio	135.4%	93.1%	144.0%	253.5%	89.0%	168.3%	44.2%	43.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	43.6%	48.0%	59.4%	48.6%	42.4%	22.5%	17.0%	17.2%
Return on invested capital	43.5%	61.4%	46.8%	60.2%	37.3%	36.4%	31.2%	29.2%
Return on assets	26.0%	25.6%	35.2%	30.0%	30.9%	16.4%	12.8%	12.8%
Free cash flow yield	4.5%	3.0%	1.8%	4.8%	5.1%	5.1%	3.6%	3.7%
Earnings yield	3.5%	2.9%	5.6%	7.9%	9.0%	4.3%	4.4%	4.5%
Enterprise value	₹91.6B	₹138.4B	₹104.8B	₹68.4B	₹90.2B	₹99.5B	₹82.4B	₹76.8B
Net debt / EBITDA	-0.53×	-0.54×	-0.76×	-1.39×	-1.98×	-1.64×	-1.68×	-1.32×
Cash conversion cycle (days)	74	84	167	34	23	38	58	71