Sicagen India Limited (SICAGEN.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

-8.4%

₹50.21

vs ₹54.80 price

Levered DCF

₹138.28

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.23

Grey zone

Rating

—

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	9.36×	14.66×	23.52×	6.72×	-146.67×	-17.78×	94.95×	758.36×
P/B	0.34×	0.52×	0.54×	0.27×	0.21×	0.14×	0.09×	0.26×
P/S	0.17×	0.28×	0.31×	0.13×	0.1×	0.11×	0.05×	0.12×
EV / EBITDA	6.22×	11.03×	10.59×	5.79×	7.74×	13.46×	10.15×	64.25×
Gross margin	7.3%	11.4%	5.5%	5.0%	8.7%	3.6%	10.9%	10.6%
Operating margin	2.9%	8.2%	2.3%	2.6%	1.4%	-0.1%	0.3%	-0.4%
Net margin	1.9%	1.9%	1.3%	2.0%	-0.1%	-0.6%	0.1%	0.0%
Current ratio	2.35×	2.29×	2.17×	2.38×	2.01×	2.57×	2.08×	1.78×
Debt / equity	0.32×	0.31×	0.26×	0.28×	0.22×	0.2×	0.26×	0.31×
Interest coverage	2.24×	6.66×	1.8×	2.58×	1.99×	-0.08×	0.25×	-0.34×
Dividend yield	2.3%	0.9%	1.0%	0.8%	2.7%	3.5%	5.6%	2.9%
Payout ratio	21.9%	13.9%	22.6%	5.6%	-388.5%	-61.9%	530.6%	2192.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.7%	3.5%	2.3%	4.1%	-0.1%	-0.8%	0.1%	0.0%
Return on invested capital	3.1%	8.1%	2.4%	3.3%	-0.3%	0.2%	0.0%	-0.0%
Return on assets	2.4%	2.4%	1.5%	2.8%	-0.1%	-0.6%	0.1%	0.0%
Free cash flow yield	20.4%	11.8%	8.3%	8.0%	-3.3%	50.6%	-123.3%	16.0%
Earnings yield	10.7%	6.8%	4.3%	14.9%	-0.7%	-5.6%	1.1%	0.1%
Enterprise value	₹3B	₹3.9B	₹3.6B	₹2.4B	₹1.8B	₹1.3B	₹1.3B	₹2B
Net debt / EBITDA	2.75×	3.96×	3.38×	2.88×	3.91×	7.47×	7.38×	32.71×
Cash conversion cycle (days)	135	142	147	133	114	159	138	105