Solara Active Pharma Sciences Limited (SOLARA.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

-3.2%

₹613.79

vs ₹633.95 price

Levered DCF

-₹365.17

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.71

Grey zone

Rating

C+

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	-253.3×	3,660.36×	-2.5×	-48.99×	-37.94×	20.19×	9.25×	17.16×
P/B	1.5×	1.81×	1.52×	0.72×	1.45×	2.59×	0.98×	1.07×
P/S	1.37×	1.54×	1.1×	0.76×	1.74×	2.58×	0.84×	0.77×
EV / EBITDA	13.46×	13.42×	-8.61×	13.66×	37.04×	11.55×	6.02×	6.35×
Gross margin	26.7%	51.2%	-10.1%	8.7%	44.2%	23.9%	49.5%	43.5%
Operating margin	6.4%	34.7%	-29.9%	0.6%	-2.6%	16.4%	13.7%	11.4%
Net margin	-0.5%	0.0%	-44.0%	-1.6%	-4.6%	13.9%	9.0%	4.5%
Current ratio	0.96×	0.77×	0.64×	1.08×	1.17×	1.34×	0.92×	1×
Debt / equity	0.55×	0.73×	1.08×	0.68×	0.68×	0.39×	0.66×	0.56×
Interest coverage	0.92×	3.88×	-3.72×	0.1×	-0.48×	3.1×	2.23×	1.83×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.5%	0.5%	1.5%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-18.5%	8.9%	13.6%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.6%	0.0%	-60.8%	-1.5%	-3.8%	13.9%	10.6%	6.2%
Return on invested capital	4.4%	22.8%	-19.2%	0.2%	-0.8%	11.5%	9.1%	9.2%
Return on assets	-0.3%	0.0%	-24.1%	-0.8%	-2.0%	8.5%	5.3%	3.0%
Free cash flow yield	0.5%	8.7%	4.8%	4.1%	-20.4%	-0.5%	-2.3%	10.5%
Earnings yield	-0.4%	0.0%	-40.0%	-2.0%	-2.6%	5.4%	10.8%	5.8%
Enterprise value	₹25.1B	₹27.7B	₹24.2B	₹20.9B	₹32B	₹45.4B	₹17.3B	₹14.8B
Net debt / EBITDA	3.41×	3.84×	-3.56×	6.56×	11.48×	1.08×	2.32×	1.98×
Cash conversion cycle (days)	133	133	111	208	295	106	101	73