S. M. Gold Limited (SMGOLD.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

-6305.5%

-₹856.36

vs ₹13.80 price

Levered DCF

₹101.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 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	9.31×	28.46×	14.73×	17.38×	10.96×	30.7×	131.57×	921×
P/B	0.42×	0.71×	0.79×	1.15×	1.22×	1.38×	1.44×	1.51×
P/S	0.09×	0.18×	0.28×	0.36×	0.36×	0.55×	0.63×	0.73×
EV / EBITDA	10.88×	22.03×	24.14×	46.33×	40.84×	33.59×	46.44×	194.58×
Gross margin	4.4%	3.8%	4.8%	4.1%	3.8%	4.5%	4.1%	1.9%
Operating margin	1.7%	1.5%	2.3%	1.4%	1.3%	2.1%	1.7%	0.4%
Net margin	1.0%	0.6%	1.9%	2.1%	3.3%	1.8%	0.5%	0.1%
Current ratio	2.51×	2×	1.94×	2.04×	2.36×	3.13×	2.98×	9.08×
Debt / equity	0.45×	0.72×	0.76×	0.82×	0.59×	0.35×	0.31×	0.12×
Interest coverage	4.24×	1.8×	1.48×	1.71×	1.93×	1.75×	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	4.5%	2.5%	5.4%	6.6%	11.1%	4.5%	1.1%	0.2%
Return on invested capital	3.9%	2.6%	3.2%	1.8%	2.5%	3.3%	2.1%	0.5%
Return on assets	3.0%	1.4%	3.0%	3.6%	6.9%	3.3%	0.8%	0.1%
Free cash flow yield	-35.5%	4.5%	54.5%	-8.0%	-9.5%	-6.4%	14.3%	-34.4%
Earnings yield	10.8%	3.5%	6.8%	5.8%	9.1%	3.3%	0.8%	0.1%
Enterprise value	₹289.5M	₹321.3M	₹342.1M	₹318.5M	₹273.5M	₹232.3M	₹225.2M	₹196.5M
Net debt / EBITDA	5.4×	10.91×	11.76×	19.37×	13.31×	6.78×	8.27×	4.32×
Cash conversion cycle (days)	97	141	200	204	158	170	160	176