Standard Engineering Technology Limited (SETL.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

-114.2%

-₹58.20

vs ₹408.60 price

Levered DCF

-₹61.87

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	26.35×	44.3×	52.46×	57.36×	122×
P/B	2.67×	4.04×	7.53×	19.69×	44.47×
P/S	2.72×	4.66×	5.65×	6.18×	12.78×
EV / EBITDA	15.05×	24.53×	31.77×	35.94×	75.53×
Gross margin	25.7%	38.1%	35.5%	35.2%	39.7%
Operating margin	13.3%	16.0%	16.0%	15.9%	15.5%
Net margin	10.3%	10.5%	10.8%	10.8%	10.5%
Current ratio	2.4×	3.65×	2.31×	1.57×	1.17×
Debt / equity	0.1×	0.1×	0.32×	0.53×	1.01×
Interest coverage	9.58×	6.79×	7.92×	10.01×	10.54×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	10.1%	9.1%	14.3%	34.3%	36.5%
Return on invested capital	8.6%	9.2%	12.1%	24.4%	19.7%
Return on assets	6.4%	6.7%	8.8%	15.4%	8.4%
Free cash flow yield	-0.3%	-0.8%	-3.2%	-0.9%	-0.4%
Earnings yield	3.8%	2.3%	1.9%	1.7%	0.8%
Enterprise value	₹20.8B	₹29.2B	₹31.8B	₹31.4B	₹31.4B
Net debt / EBITDA	-0.23×	0.56×	1.14×	0.88×	1.68×
Cash conversion cycle (days)	275	295	248	145	285