SBEC Sugar Limited (SBECSUG.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

-84.3%

₹8.81

vs ₹56.00 price

Levered DCF

-₹39.20

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	7.48×	-9.74×	-15.65×	-15.28×	-16.19×	-1.05×	21.71×	-0.89×
P/B	0.83×	-3.19×	-5.01×	-7.21×	-10.21×	-5.56×	0.91×	2.67×
P/S	0.25×	0.29×	0.29×	0.25×	0.23×	0.05×	0.04×	0.11×
EV / EBITDA	4.97×	9.46×	9.2×	13.21×	9.59×	15.67×	7.08×	-17×
Gross margin	9.1%	20.8%	17.4%	11.1%	13.9%	10.5%	6.7%	-6.9%
Operating margin	-4.3%	3.3%	3.8%	-0.0%	1.0%	-0.8%	4.1%	-9.3%
Net margin	3.4%	-3.0%	-0.5%	-1.4%	-1.3%	-4.7%	0.2%	-12.2%
Current ratio	0.44×	0.44×	0.41×	0.37×	0.43×	0.47×	0.55×	0.44×
Debt / equity	1.63×	-3.56×	-6.13×	-5.42×	-12.32×	-44.9×	14.33×	16.22×
Interest coverage	-0.52×	0.53×	1.1×	-0.02×	0.34×	-0.22×	0.94×	-3.15×
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	11.1%	32.8%	8.7%	39.2%	57.1%	527.7%	4.1%	-300.1%
Return on invested capital	-4.6%	11.5%	-26.9%	-0.2%	3.3%	-1.9%	-5.2%	-11.7%
Return on assets	2.1%	-2.6%	-0.5%	-1.3%	-1.1%	-3.8%	0.1%	-7.8%
Free cash flow yield	-50.4%	37.5%	-42.6%	33.6%	56.2%	253.7%	194.5%	-399.7%
Earnings yield	13.4%	-10.3%	-1.7%	-5.4%	-5.6%	-94.9%	4.5%	-112.4%
Enterprise value	₹4.1B	₹3.8B	₹4.2B	₹2.8B	₹3B	₹2.6B	₹2.9B	₹3.1B
Net debt / EBITDA	3.28×	4.98×	5.05×	5.54×	5.17×	13.92×	6.65×	-14.5×
Cash conversion cycle (days)	-88	-142	-144	-170	-162	-136	-106	-107