SKP Securities Limited (SKPSEC.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

+325.8%

₹400.23

vs ₹94.00 price

Levered DCF

-₹347.42

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.98

Grey zone

Rating

A-

Overall 4 / 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	5.87×	7.29×	6.9×	14.85×	4.67×	4.81×	-58.33×	11.32×
P/B	1.01×	1.44×	1.43×	1.37×	0.83×	0.68×	0.79×	0.72×
P/S	1.48×	2.01×	2.12×	2.03×	1.4×	1.37×	1.54×	2.18×
EV / EBITDA	5.56×	5.98×	4.83×	8.47×	3.72×	3.62×	21.77×	6.96×
Gross margin	69.0%	69.4%	70.4%	65.4%	73.5%	69.8%	36.7%	48.0%
Operating margin	33.8%	39.1%	42.2%	23.3%	39.1%	34.7%	1.3%	27.8%
Net margin	25.2%	27.5%	30.8%	13.7%	30.1%	28.6%	-2.6%	19.2%
Current ratio	2.26×	2.23×	2.28×	1.76×	1.5×	1.68×	2.37×	1.35×
Debt / equity	0.32×	0.2×	0×	0.08×	0.1×	0.04×	0.01×	0.01×
Interest coverage	9.88×	16.94×	38.28×	14.87×	41.94×	73.44×	0.91×	8.54×
Dividend yield	2.2%	1.4%	1.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	13.2%	10.2%	7.9%	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	17.1%	19.7%	20.7%	9.2%	17.7%	14.0%	-1.3%	6.3%
Return on invested capital	11.9%	16.7%	19.8%	9.0%	16.4%	13.9%	-11.0%	9.3%
Return on assets	9.8%	11.3%	12.0%	4.9%	8.4%	9.8%	-1.0%	5.6%
Free cash flow yield	-16.9%	-10.5%	6.9%	-3.7%	-23.0%	6.5%	-27.3%	2.0%
Earnings yield	17.0%	13.7%	14.5%	6.7%	21.4%	20.8%	-1.7%	8.8%
Enterprise value	₹802M	₹825.9M	₹597.3M	₹483.1M	₹282.8M	₹176.7M	₹169.9M	₹206.8M
Net debt / EBITDA	1.35×	0.7×	0.01×	0.39×	0.39×	0.13×	0.03×	-0.08×
Cash conversion cycle (days)	-548	-469	-895	-740	-1,656	-602	510	-78