Sonal Mercantile Limited (SONAL.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

-2.6%

₹77.26

vs ₹79.34 price

Levered DCF

-₹219.45

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

—

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	4.86×	4.23×	5.16×	5.2×	2.93×	1.66×	3.89×	2.55×
P/B	0.32×	0.38×	0.4×	0.32×	0.2×	0.13×	0.14×	0.07×
P/S	7.48×	9.34×	3.17×	3.54×	2.39×	1.56×	1.93×	2.87×
EV / EBITDA	27.01×	28.08×	26.46×	37.89×	25.68×	26.83×	59.85×	69.91×
Gross margin	100.0%	96.8%	40.3%	42.1%	40.3%	34.5%	21.9%	29.0%
Operating margin	96.8%	97.3%	40.2%	40.4%	39.7%	33.5%	21.0%	30.1%
Net margin	153.9%	220.8%	61.3%	68.2%	81.7%	93.9%	49.7%	112.4%
Current ratio	96.4×	88.99×	99.48×	141.05×	57.39×	49.07×	165.8×	431.66×
Debt / equity	0.76×	0.72×	0.93×	1.05×	0.64×	0.63×	0.73×	0.38×
Interest coverage	0×	0×	0×	0×	175.11×	20,798.86×	608.23×	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	6.7%	9.0%	7.7%	6.2%	6.9%	8.0%	3.5%	2.6%
Return on invested capital	2.0%	2.0%	2.2%	1.5%	1.8%	1.6%	0.6%	0.5%
Return on assets	3.7%	5.1%	3.9%	3.0%	4.0%	4.6%	2.0%	1.9%
Free cash flow yield	13.7%	0.8%	0.2%	-1.6%	-42.2%	1.7%	-235.3%	-501.2%
Earnings yield	20.6%	23.6%	19.4%	19.2%	34.1%	60.4%	25.7%	39.2%
Enterprise value	₹4.2B	₹3.9B	₹4.2B	₹4B	₹2.1B	₹1.7B	₹1.6B	₹732.4M
Net debt / EBITDA	18.97×	18.32×	18.5×	28.97×	19.53×	22.19×	50.36×	58.61×
Cash conversion cycle (days)	0	8,217	3,262	4,895	3,526	3,612	0	0