SJVN Limited (SJVN.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

-867.5%

-₹426.97

vs ₹55.63 price

Levered DCF

-₹536.29

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.62

Distress zone

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	38.87×	43.68×	54.05×	9.61×	10.89×	6.22×	5.2×	6.92×
P/B	1.75×	2.53×	3.5×	0.94×	0.82×	0.8×	0.68×	0.81×
P/S	5.51×	11.82×	19.19×	4.63×	4.48×	4.18×	3.36×	3.59×
EV / EBITDA	15.45×	25.98×	31.29×	11.32×	9.32×	4.8×	4.03×	4.79×
Gross margin	63.7%	93.4%	94.2%	96.5%	96.4%	96.6%	156.6%	159.4%
Operating margin	51.0%	52.8%	50.3%	62.8%	58.0%	59.1%	59.9%	62.7%
Net margin	14.2%	27.1%	35.5%	48.2%	41.1%	67.2%	64.6%	51.8%
Current ratio	0.72×	0.98×	1.19×	1.13×	1.57×	1.55×	3.65×	4.79×
Debt / equity	2.27×	1.91×	1.44×	1.01×	0.52×	0.17×	0.19×	0.19×
Interest coverage	1.78×	2.62×	2.93×	9.99×	20.16×	46.79×	8.41×	7.01×
Dividend yield	2.3%	2.0%	1.4%	5.1%	5.7%	8.8%	11.3%	7.1%
Payout ratio	89.3%	86.3%	76.3%	49.1%	61.7%	54.9%	58.8%	49.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.5%	5.8%	6.5%	9.8%	7.5%	12.9%	13.0%	11.7%
Return on invested capital	2.6%	2.8%	2.8%	4.8%	5.0%	6.7%	7.6%	8.6%
Return on assets	1.2%	1.8%	2.3%	4.2%	4.3%	9.4%	9.8%	8.9%
Free cash flow yield	-21.7%	-16.1%	-8.8%	-40.1%	-21.2%	-0.8%	5.5%	2.6%
Earnings yield	2.6%	2.3%	1.8%	10.4%	9.2%	16.1%	19.2%	14.4%
Enterprise value	₹547.1B	₹624.7B	₹692.6B	₹267.9B	₹176.6B	₹123.1B	₹100.8B	₹115.5B
Net debt / EBITDA	8.4×	11.09×	9.03×	5.8×	3.63×	0.81×	0.77×	0.88×
Cash conversion cycle (days)	153	-143	-1	190	219	162	131	121