Shree Ajit Pulp And Paper Ltd (SAPPL.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

-1442.6%

-₹4,430.55

vs ₹330.00 price

Levered DCF

-₹5,088.80

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 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	7.96×	16.8×	12.91×	9.93×	12.41×	7.95×	5.96×	7.52×
P/B	0.86×	0.62×	0.47×	0.99×	1.43×	1.15×	0.83×	1.46×
P/S	0.34×	0.31×	0.36×	0.55×	0.64×	0.72×	0.49×	0.67×
EV / EBITDA	5.11×	8×	12.25×	12.65×	7.11×	4.29×	4.08×	4.84×
Gross margin	18.3%	15.8%	37.8%	33.6%	33.8%	41.1%	43.5%	40.5%
Operating margin	10.5%	6.9%	4.0%	5.9%	9.3%	14.2%	11.4%	14.0%
Net margin	4.3%	1.9%	2.8%	5.6%	5.2%	9.0%	8.3%	8.9%
Current ratio	2.18×	1.33×	1.25×	1.85×	1.95×	2.23×	2.29×	1.65×
Debt / equity	0.92×	1.15×	1×	0.81×	0.24×	0.15×	0.21×	0.29×
Interest coverage	2.15×	1.54×	1.58×	3.43×	8.86×	11.87×	6.27×	7.52×
Dividend yield	0.0%	0.0%	0.5%	0.3%	0.2%	0.2%	0.4%	0.3%
Payout ratio	0.0%	0.0%	6.5%	2.6%	2.5%	1.7%	2.4%	2.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.8%	3.8%	3.6%	10.0%	11.5%	14.4%	13.9%	19.4%
Return on invested capital	9.2%	4.2%	1.8%	4.5%	10.5%	12.6%	12.1%	15.1%
Return on assets	4.9%	1.6%	1.6%	4.8%	7.7%	9.8%	9.5%	12.0%
Free cash flow yield	9.9%	-39.1%	-73.0%	-68.8%	-8.8%	13.2%	15.4%	12.9%
Earnings yield	12.6%	6.1%	7.7%	10.1%	8.1%	12.6%	16.8%	13.3%
Enterprise value	₹4.9B	₹4.2B	₹3.3B	₹3.7B	₹3B	₹1.9B	₹1.4B	₹2.2B
Net debt / EBITDA	2.62×	5.08×	8.32×	5.68×	0.69×	0.01×	0.64×	0.8×
Cash conversion cycle (days)	74	87	108	89	89	78	11	17