Saurashtra Cement Limited (SAURASHCEM.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

+34.6%

₹65.15

vs ₹48.40 price

Levered DCF

₹110.69

After debt service

Piotroski score

4 / 9

Average

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	37.09×	130.75×	20.73×	-58.87×	55.79×	11.29×	14.39×	-165×
P/B	0.56×	0.96×	1.26×	1.47×	1.43×	1.56×	1.8×	1.99×
P/S	0.32×	0.59×	0.67×	0.79×	0.89×	1.21×	1.34×	1.3×
EV / EBITDA	6.86×	14.12×	8.66×	74.1×	17.74×	6.6×	7.52×	29.21×
Gross margin	30.3%	76.3%	80.2%	80.9%	84.1%	82.6%	87.4%	28.1%
Operating margin	0.5%	0.1%	4.7%	-1.5%	2.2%	14.5%	15.3%	-1.9%
Net margin	0.9%	0.5%	3.2%	-1.3%	1.6%	10.7%	9.3%	-0.8%
Current ratio	1.18×	1.16×	1.2×	0.93×	1.24×	1.71×	1.31×	1.05×
Debt / equity	0.11×	0.14×	0.09×	0.07×	0.12×	0.04×	0.07×	0.08×
Interest coverage	0.81×	0.11×	12.61×	-2.74×	4.24×	22.38×	29.05×	-3.14×
Dividend yield	0.0%	1.2%	0.9%	0.0%	0.3%	0.7%	1.5%	0.9%
Payout ratio	0.0%	158.9%	19.6%	0.0%	18.3%	7.8%	21.5%	-140.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.5%	0.7%	6.1%	-2.5%	2.6%	13.8%	12.5%	-1.2%
Return on invested capital	0.7%	0.1%	4.6%	-1.8%	1.8%	12.0%	13.6%	-1.9%
Return on assets	0.9%	0.4%	3.6%	-1.6%	1.7%	10.0%	8.5%	-0.8%
Free cash flow yield	2.2%	-6.1%	7.4%	-1.4%	-4.2%	11.6%	4.8%	-2.1%
Earnings yield	2.7%	0.8%	4.8%	-1.7%	1.8%	8.9%	6.9%	-0.6%
Enterprise value	₹4.2B	₹9.9B	₹12.5B	₹13.5B	₹13.9B	₹8.3B	₹8.4B	₹8.4B
Net debt / EBITDA	-1.91×	1.08×	0.53×	3.17×	1.29×	0.14×	0.2×	0.86×
Cash conversion cycle (days)	37	75	84	108	184	91	236	53