Sangal Papers Limited (SANPA.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

-55.7%

₹80.37

vs ₹181.50 price

Levered DCF

₹1,789.63

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.62

Grey 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	8.83×	9.16×	9.89×	4.95×	7.07×	12.61×	3.54×	3.17×
P/B	0.45×	0.58×	0.59×	0.43×	0.32×	0.24×	0.19×	0.62×
P/S	0.12×	0.14×	0.13×	0.07×	0.08×	0.08×	0.05×	0.13×
EV / EBITDA	6.68×	6.13×	6.39×	4.73×	6.31×	7.12×	5.76×	4.02×
Gross margin	7.1%	7.7%	6.4%	10.7%	13.0%	16.0%	14.9%	16.4%
Operating margin	2.6%	3.3%	2.8%	2.4%	2.2%	1.8%	2.6%	5.5%
Net margin	1.3%	1.6%	1.3%	1.5%	1.1%	0.6%	1.4%	4.1%
Current ratio	1.5×	1.6×	1.54×	1.46×	1.62×	1.51×	1.52×	1.52×
Debt / equity	0.67×	0.61×	0.64×	0.64×	0.54×	0.55×	0.61×	0.57×
Interest coverage	2.12×	2.33×	2.09×	2.78×	2.08×	1.18×	1.54×	4.59×
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	5.1%	6.4%	5.9%	8.7%	4.6%	1.9%	5.4%	19.5%
Return on invested capital	3.9%	5.4%	5.2%	5.5%	4.5%	2.9%	5.4%	12.6%
Return on assets	2.4%	3.1%	2.8%	3.8%	2.2%	0.9%	2.6%	9.0%
Free cash flow yield	-17.3%	-4.6%	-5.0%	-23.1%	1.7%	39.1%	-0.8%	16.5%
Earnings yield	11.3%	10.9%	10.1%	20.2%	14.1%	7.9%	28.3%	31.5%
Enterprise value	₹502M	₹517.7M	₹496.1M	₹407.4M	₹306.3M	₹268.4M	₹264.9M	₹372.1M
Net debt / EBITDA	3.9×	3.06×	3.24×	2.78×	3.92×	4.93×	4.37×	1.92×
Cash conversion cycle (days)	74	78	68	53	68	90	82	64