Smart Finsec Limited (SMARTFIN.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

-94.5%

₹0.46

vs ₹8.34 price

Levered DCF

₹0.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 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	20.77×	31.36×	17.38×	20.17×	8.24×	63.2×	86.18×	49.89×
P/B	1.23×	2.36×	2.84×	2.34×	2.65×	3.93×	4.17×	4.41×
P/S	11×	15.62×	1.68×	0.93×	0.56×	1.23×	2.99×	6.07×
EV / EBITDA	14.87×	22.97×	15.12×	15.73×	6.7×	63.07×	1.72×	5.87×
Gross margin	75.3%	100.0%	102.4%	6.5%	9.4%	100.0%	100.0%	100.0%
Operating margin	72.9%	79.2%	101.2%	99.9%	99.8%	99.5%	98.8%	98.4%
Net margin	52.5%	49.6%	9.7%	4.6%	6.8%	1.9%	3.6%	12.4%
Current ratio	189.51×	145.04×	141.88×	2.14×	262.39×	0.94×	0×	0×
Debt / equity	0×	0×	0×	0.12×	0.24×	1.25×	0.7×	0.74×
Interest coverage	58.41×	132.91×	0×	306,258×	107,857.55×	0×	0×	0×
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	5.9%	7.5%	16.3%	11.6%	32.2%	6.2%	5.0%	9.0%
Return on invested capital	5.9%	9.3%	75.3%	166.3%	172.4%	141.2%	69.6%	29.6%
Return on assets	5.8%	7.4%	16.2%	10.4%	25.9%	2.7%	2.9%	4.7%
Free cash flow yield	-2.6%	7.2%	6.4%	-1.8%	16.4%	-17.1%	-20.0%	-0.5%
Earnings yield	4.8%	3.2%	5.7%	5.0%	12.2%	1.6%	1.2%	2.0%
Enterprise value	₹202M	₹360.6M	₹404.4M	₹297.5M	₹308.6M	₹373.7M	₹325M	₹317M
Net debt / EBITDA	-0.19×	-0.59×	-0.28×	0.69×	0.53×	15.07×	0.22×	0.61×
Cash conversion cycle (days)	25	3	10	48	70	55	0	0