Shalby Limited (SHALBY.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

-124.9%

-₹30.36

vs ₹122.00 price

Levered DCF

-₹278.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 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	39.26×	347.84×	31.28×	21.3×	23.35×	25.65×	18.1×	47.39×
P/B	1.46×	2.18×	2.63×	1.55×	1.44×	1.3×	0.62×	1.92×
P/S	1.29×	1.99×	2.82×	1.79×	1.81×	2.53×	1.02×	3.25×
EV / EBITDA	14.22×	16.26×	15.72×	10.02×	10.67×	11.99×	5.56×	16.88×
Gross margin	18.3%	18.6%	26.8%	45.9%	43.6%	42.1%	39.3%	38.6%
Operating margin	6.4%	6.1%	24.0%	11.6%	11.6%	12.9%	9.5%	10.8%
Net margin	3.3%	0.6%	9.0%	8.4%	7.7%	9.8%	5.7%	6.9%
Current ratio	1.25×	1.45×	1.71×	2.66×	2.61×	3.32×	2.77×	2.29×
Debt / equity	0.59×	0.48×	0.38×	0.19×	0.2×	0.06×	0.08×	0.09×
Interest coverage	1.88×	1.73×	13.97×	8.82×	10.76×	12.69×	8.9×	5.43×
Dividend yield	0.0%	0.6%	0.5%	0.7%	0.9%	0.5%	1.3%	0.0%
Payout ratio	0.0%	208.3%	15.4%	16.0%	20.0%	12.7%	23.6%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.7%	0.6%	8.4%	7.3%	6.2%	5.1%	3.5%	4.1%
Return on invested capital	2.5%	0.1%	10.2%	5.3%	5.1%	4.6%	2.5%	3.6%
Return on assets	2.0%	0.4%	5.2%	5.3%	4.5%	4.3%	2.9%	3.4%
Free cash flow yield	-12.4%	-4.7%	-1.0%	3.4%	-4.5%	5.3%	7.1%	0.2%
Earnings yield	2.5%	0.3%	3.2%	4.7%	4.3%	3.9%	5.5%	2.1%
Enterprise value	₹20.4B	₹26.1B	₹29.8B	₹16.1B	₹13.8B	₹11.4B	₹5.6B	₹15.7B
Net debt / EBITDA	3.99×	2.75×	1.85×	1.05×	0.91×	0.5×	0.59×	0.71×
Cash conversion cycle (days)	170	142	113	96	117	46	21	-46