Sarthak Metals Limited (SMLT.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

+88.2%

₹129.97

vs ₹69.06 price

Levered DCF

-₹10.24

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.94

Safe zone

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	17.04×	40.77×	22.29×	7.54×	4.67×	17.59×	30.38×	24.39×
P/B	0.63×	1.4×	2.66×	2.14×	1.65×	2.65×	3.05×	3.32×
P/S	0.41×	0.94×	1.01×	0.55×	0.28×	0.63×	0.66×	0.74×
EV / EBITDA	8.55×	17.13×	13.4×	5.04×	3.47×	10.48×	13.59×	13.43×
Gross margin	11.2%	17.2%	14.4%	11.8%	13.5%	9.4%	15.5%	15.1%
Operating margin	2.6%	2.4%	5.9%	9.4%	7.9%	6.2%	4.7%	5.8%
Net margin	2.4%	2.3%	4.6%	7.3%	6.0%	3.6%	2.2%	3.0%
Current ratio	9.21×	38.6×	39.93×	23.73×	2.95×	2.3×	2.09×	1.79×
Debt / equity	0.05×	0×	0×	0×	0.29×	0.59×	0.51×	0.85×
Interest coverage	10.1×	10.63×	23.08×	28.42×	9.03×	4.17×	2.75×	2.84×
Dividend yield	0.9%	0.0%	0.9%	1.2%	2.1%	0.5%	0.6%	0.0%
Payout ratio	14.8%	0.0%	19.8%	9.2%	10.0%	8.6%	17.8%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.7%	3.4%	11.9%	28.3%	35.3%	15.1%	10.0%	13.6%
Return on invested capital	2.7%	2.3%	11.2%	26.6%	27.4%	12.0%	10.2%	10.0%
Return on assets	3.4%	3.3%	11.5%	27.1%	23.7%	8.8%	6.1%	6.9%
Free cash flow yield	-41.1%	-4.4%	7.2%	14.2%	11.3%	-1.4%	9.9%	-7.2%
Earnings yield	5.9%	2.5%	4.5%	13.3%	21.4%	5.7%	3.3%	4.1%
Enterprise value	₹850.5M	₹1.7B	₹2.9B	₹2.2B	₹1.4B	₹1.7B	₹1.6B	₹1.7B
Net debt / EBITDA	0.65×	-0.25×	-0.75×	-0.17×	0.38×	1.81×	1.86×	2.59×
Cash conversion cycle (days)	188	152	76	62	62	116	85	96