Shivagrico Implements Limited (SHIVAGR.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

-121.8%

-₹4.44

vs ₹20.39 price

Levered DCF

₹47.40

After debt service

Piotroski score

2 / 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	25.53×	47.04×	206.29×	105.5×	13.79×	105.5×	-23.71×	-12.71×
P/B	1.19×	2.25×	1.96×	1.45×	1.48×	1.7×	1.73×	1.59×
P/S	0.21×	0.41×	0.34×	0.25×	0.22×	0.28×	0.44×	0.44×
EV / EBITDA	8.33×	10.21×	12.34×	9.95×	8.05×	12.54×	13.57×	25.36×
Gross margin	6.9%	6.4%	19.3%	4.9%	7.4%	20.5%	1.0%	11.7%
Operating margin	3.6%	3.1%	2.4%	2.1%	3.4%	10.2%	1.0%	-2.5%
Net margin	0.8%	0.9%	0.2%	0.2%	1.6%	0.3%	-1.9%	-3.5%
Current ratio	1.03×	1.03×	0.99×	1.05×	1.12×	0.9×	0.9×	0.93×
Debt / equity	2.12×	2.01×	2.59×	2.33×	2.58×	2.94×	2.2×	1.93×
Interest coverage	1.68×	1.08×	0.94×	0.84×	1.73×	5.22×	0.27×	-0.78×
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	4.7%	4.8%	1.0%	1.4%	10.8%	1.6%	-7.3%	-12.5%
Return on invested capital	3.5%	5.2%	1.6%	2.3%	4.7%	4.9%	1.2%	-2.2%
Return on assets	1.4%	1.5%	0.2%	0.4%	2.8%	0.4%	-1.9%	-3.7%
Free cash flow yield	-19.7%	16.8%	-11.1%	30.5%	14.1%	-37.6%	2.9%	-12.2%
Earnings yield	3.9%	2.1%	0.5%	1.0%	7.3%	0.9%	-4.2%	-7.9%
Enterprise value	₹274.2M	₹334.3M	₹322.2M	₹255.3M	₹279.3M	₹288M	₹239.1M	₹234M
Net debt / EBITDA	5.33×	4.81×	6.77×	5.83×	5×	7.93×	7.57×	13.9×
Cash conversion cycle (days)	129	145	141	120	105	145	159	158