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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
-129.5%
-₹1,244.25
vs ₹4,211.30 price
Levered DCF
-₹936.45
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
—
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E39.83×31.63×29.57×26.94×26.59×38.94×52.37×43.7×
P/B4.18×2.61×4.08×3.37×3.39×4.79×5.47×6.14×
P/S3.69×2.54×2.08×1.81×1.87×2.89×3.02×2.73×
EV / EBITDA19.82×13.36×13.13×11.92×11.99×16.31×20.64×16.88×
Gross margin38.6%46.7%44.5%43.4%44.4%45.3%55.6%58.7%
Operating margin12.2%12.1%12.6%11.8%11.9%12.5%9.9%14.3%
Net margin9.3%7.6%7.0%6.7%7.0%7.4%5.8%6.2%
Current ratio1.75×2.55×1.02×1.12×1.08×1.05×0.93×0.99×
Debt / equity0.19×0.15×0.66×0.69×0.73×0.73×0.94×1×
Interest coverage11.29×4.77×4.22×4.09×4.23×3.7×2.47×4.36×
Dividend yield0.2%0.2%0.2%0.3%0.0%0.0%0.0%0.0%
Payout ratio6.2%7.5%7.2%7.2%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity10.5%7.8%13.8%12.5%12.7%12.3%10.5%14.0%
Return on invested capital8.4%7.7%10.2%8.9%8.6%8.3%7.7%8.7%
Return on assets7.2%5.8%6.7%5.9%5.9%5.6%4.4%5.5%
Free cash flow yield-1.0%-3.8%0.6%0.3%-1.6%2.9%1.5%-0.5%
Earnings yield2.5%3.0%3.4%3.7%3.8%2.6%1.9%2.3%
Enterprise value₹133.9B₹71.5B₹63.3B₹46.9B₹41.8B₹48.1B₹48.7B₹48.7B
Net debt / EBITDA0.72×-0.04×1.75×1.92×2.03×2.05×2.82×2.29×
Cash conversion cycle (days)8993829974102129123