SMS Pharmaceuticals Limited (SMSPHARMA.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

-108.8%

-₹45.01

vs ₹513.45 price

Levered DCF

-₹130.18

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 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	33.62×	26.9×	31.59×	-70.18×	12.72×	16.81×	7.21×	13.92×
P/B	4.36×	2.91×	2.93×	1.07×	1.68×	2.56×	0.65×	1.73×
P/S	3.87×	2.38×	2.22×	0.94×	1.54×	1.88×	0.56×	1.21×
EV / EBITDA	21.88×	14.66×	15.47×	12.46×	8.43×	10.16×	4.41×	7.34×
Gross margin	19.7%	18.5%	29.7%	24.7%	35.2%	32.4%	31.3%	29.1%
Operating margin	14.8%	13.2%	18.9%	4.1%	15.3%	17.4%	14.2%	15.3%
Net margin	11.5%	8.8%	7.0%	-1.4%	12.1%	11.1%	7.8%	8.7%
Current ratio	1.81×	1.71×	1.61×	1.61×	1.92×	1.58×	1.51×	1.42×
Debt / equity	0.46×	0.49×	0.52×	0.55×	0.56×	0.62×	0.45×	0.45×
Interest coverage	5.69×	5.57×	5.71×	0.97×	4.18×	8.75×	4.75×	5.97×
Dividend yield	0.1%	0.2%	0.2%	0.5%	0.3%	0.0%	2.2%	0.5%
Payout ratio	3.5%	4.9%	5.1%	-36.0%	4.1%	0.0%	16.2%	6.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	10.8%	9.3%	-1.5%	13.2%	15.2%	9.1%	12.4%
Return on invested capital	8.5%	7.6%	11.6%	2.8%	10.1%	9.1%	7.0%	9.4%
Return on assets	7.5%	6.0%	4.8%	-0.8%	7.2%	7.7%	5.2%	7.2%
Free cash flow yield	-2.7%	-3.2%	-0.1%	-1.5%	1.6%	-5.8%	-1.3%	2.7%
Earnings yield	3.0%	3.7%	3.2%	-1.4%	7.9%	5.9%	13.9%	7.2%
Enterprise value	₹37.5B	₹21.3B	₹18.2B	₹7.4B	₹10.1B	₹12.7B	₹3.8B	₹6.9B
Net debt / EBITDA	1.86×	1.85×	2.08×	4.15×	1.81×	1.72×	1.73×	1.38×
Cash conversion cycle (days)	207	193	209	218	246	165	170	131