Smartlink Holdings Limited (SMARTLINK.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

-16.5%

₹162.09

vs ₹194.01 price

Levered DCF

₹1,769.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.45

Safe zone

Rating

A+

Overall 5 / 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	7.93×	19.1×	24.52×	7.67×	11.49×	10.73×	-6.97×	-73.73×
P/B	0.5×	0.64×	0.91×	0.8×	0.72×	0.58×	0.53×	0.7×
P/S	0.39×	0.6×	0.89×	0.93×	1.82×	2.02×	1.65×	1.94×
EV / EBITDA	7.12×	-96.59×	14.27×	6.59×	13.6×	10.16×	-13.31×	44.34×
Gross margin	9.7%	19.2%	16.5%	22.9%	47.3%	32.2%	20.3%	21.1%
Operating margin	4.0%	-4.3%	-2.5%	-1.4%	-8.9%	-9.6%	-11.1%	-17.7%
Net margin	4.9%	3.1%	3.6%	12.2%	15.8%	18.8%	-23.7%	-2.6%
Current ratio	2.69×	3.9×	3.52×	2.54×	2.42×	0.81×	4.68×	7.14×
Debt / equity	0.01×	0.02×	0.17×	0.18×	0.15×	0.12×	0.15×	0.08×
Interest coverage	13.89×	-5.36×	-2.01×	-1.28×	-7.18×	-3.89×	-2.59×	-9.8×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.2%	-4.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.3%	3.4%	3.7%	10.5%	6.3%	5.4%	-7.6%	-0.9%
Return on invested capital	3.7%	-4.4%	-1.2%	-0.8%	-3.1%	-2.4%	-2.9%	15.3%
Return on assets	4.4%	2.7%	2.6%	7.4%	5.0%	4.5%	-6.1%	-0.8%
Free cash flow yield	14.8%	-7.5%	2.5%	-20.3%	31.6%	2.6%	55.1%	-13.7%
Earnings yield	12.6%	5.2%	4.1%	13.0%	8.7%	9.3%	-14.3%	-1.4%
Enterprise value	₹1.1B	₹1.3B	₹2.1B	₹1.8B	₹1.4B	₹1.3B	₹1.2B	₹1.9B
Net debt / EBITDA	0.13×	0.04×	2.25×	1.21×	2.33×	1.74×	-2.85×	4.4×
Cash conversion cycle (days)	69	93	81	78	-79	51	41	78