Shardul Securities Limited (SHARDUL.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

-152.1%

-₹25.16

vs ₹48.31 price

Levered DCF

-₹25.13

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.78

Distress zone

Rating

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	-3.86×	11.16×	3.08×	77.2×	17.18×	5.56×	-2.49×	50×
P/B	0.29×	0.52×	0.45×	0.38×	0.07×	0.04×	0.06×	0.06×
P/S	-6.23×	24.76×	1.74×	-128.15×	5.59×	3.14×	2.86×	2.79×
EV / EBITDA	-6.44×	8.57×	1.8×	47.62×	1.92×	-0.24×	-0.62×	7.05×
Gross margin	154.1%	82.0%	100.2%	205.0%	76.6%	111.0%	85.1%	79.1%
Operating margin	210.5%	336.3%	95.2%	-86.9%	213.2%	379.1%	72.5%	71.0%
Net margin	161.4%	221.8%	56.7%	-167.5%	162.9%	282.9%	-114.8%	5.6%
Current ratio	65.25×	26.4×	7.36×	580.86×	344.66×	438.44×	108.09×	110.61×
Debt / equity	0.42×	0.03×	0.01×	0×	0×	0×	0×	0×
Interest coverage	0×	42.34×	436×	76.31×	76×	190.1×	36.78×	8.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.2%	8.0%	6.7%
Payout ratio	0.0%	0.0%	0.0%	2.1%	0.4%	0.2%	-20.0%	334.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-7.5%	4.7%	14.6%	0.5%	2.0%	4.0%	-2.5%	0.1%
Return on invested capital	-5.3%	5.1%	14.0%	0.2%	1.9%	3.8%	1.1%	0.8%
Return on assets	-5.3%	4.5%	14.0%	0.5%	1.8%	3.8%	-2.4%	0.1%
Free cash flow yield	-6.5%	-9.9%	6.4%	-10.9%	24.9%	-56.4%	34.3%	6.2%
Earnings yield	-25.9%	9.0%	32.5%	1.3%	29.1%	90.1%	-40.1%	2.0%
Enterprise value	₹4.1B	₹3.9B	₹3B	₹1.6B	₹249.2M	-₹51.5M	₹52.7M	₹125.8M
Net debt / EBITDA	-3.46×	0.43×	-0.03×	-2.24×	-0.63×	-1.06×	1.24×	-3.74×
Cash conversion cycle (days)	-7	-5	1,074	-470	-197	5,819	-515	-379