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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
-18.9%
₹714.46
vs ₹881.20 price
Levered DCF
-₹6,815.54
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.86
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E16.37×12.54×12.41×7.84×11.1×14.02×6.12×10.89×
P/B2.49×2.13×1.87×1.08×1.16×1.61×0.85×1.71×
P/S3.4×2.95×2.7×1.58×1.57×2.1×0.94×1.77×
EV / EBITDA24.06×21.17×22.56×18.76×30.35×33.36×26.47×27.14×
Gross margin51.2%54.6%56.3%56.7%49.5%45.7%49.6%51.4%
Operating margin38.7%30.8%28.6%27.5%18.4%19.6%21.0%24.4%
Net margin20.8%23.5%21.7%20.1%14.1%15.0%15.3%16.7%
Current ratio0×0×13.41×34.95×69.24×45.66×21.54×6.35×
Debt / equity2.75×3.15×3.09×2.96×3.56×4.16×4.57×4.86×
Interest coverage0.87×0.68×0.65×0.64×0.36×0.36×0.42×0.5×
Dividend yield0.9%1.5%2.1%1.2%2.8%0.4%1.8%0.9%
Payout ratio14.6%19.5%25.5%9.4%31.3%6.1%10.8%9.6%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity15.2%16.9%15.0%13.8%10.4%11.5%13.8%16.1%
Return on invested capital3.7%2.7%2.3%8.0%5.3%5.2%9.0%6.9%
Return on assets3.1%3.3%3.0%2.9%1.9%1.9%2.2%2.4%
Free cash flow yield11.4%-36.6%-34.3%-37.8%-29.4%-12.2%-20.7%-21.6%
Earnings yield6.1%8.0%8.1%12.7%9.0%7.1%16.3%9.4%
Enterprise value₹3.4T₹2.8T₹2.3T₹1.7T₹1.1T₹1.1T₹947.6B₹1T
Net debt / EBITDA12.36×12.04×13.64×13.41×22.15×23.11×22.17×19.98×
Cash conversion cycle (days)-1-5-2468618-5316-6