S.p.A. Capital Services Limited (SPACAPS.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

-1163.3%

-₹1,958.00

vs ₹184.15 price

Levered DCF

₹680.69

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	77.49×	107.45×	139.52×	120.98×	230.67×	-98.3×	346×	93.01×
P/B	3.62×	3.13×	3.15×	3.27×	3.35×	4.25×	3.23×	3.09×
P/S	1.67×	1.61×	2.52×	3.21×	3.23×	1.72×	1.63×	0.56×
EV / EBITDA	48.87×	53.19×	109.34×	94.2×	104.83×	957.03×	49.01×	18.69×
Gross margin	14.7%	19.7%	14.8%	16.2%	16.8%	3.4%	13.1%	8.4%
Operating margin	3.4%	4.3%	3.8%	6.8%	4.6%	89.8%	5.2%	0.6%
Net margin	2.2%	1.5%	1.8%	2.7%	1.4%	-1.8%	0.5%	0.6%
Current ratio	190.42×	11.15×	5.46×	6.53×	1.4×	1.35×	1.21×	0.18×
Debt / equity	0.95×	1.29×	1.45×	1.34×	3×	3.68×	3.05×	0.81×
Interest coverage	4.93×	3.42×	2.1×	4.06×	1.83×	55.58×	1.67×	0.28×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.7%	2.9%	2.3%	2.7%	1.5%	-4.3%	0.9%	3.3%
Return on invested capital	3.0%	2.2%	1.9%	2.5%	1.2%	49.9%	0.8%	1.0%
Return on assets	2.3%	1.2%	0.9%	1.0%	0.5%	-1.2%	0.3%	1.0%
Free cash flow yield	11.1%	-8.5%	6.3%	4.3%	-0.1%	9.2%	-22.6%	-3.0%
Earnings yield	1.3%	0.9%	0.7%	0.8%	0.4%	-1.0%	0.3%	1.1%
Enterprise value	₹813.6M	₹748.4M	₹774.2M	₹746.7M	₹1B	₹990.7M	₹1B	₹670.6M
Net debt / EBITDA	10.11×	15.39×	34.33×	27.17×	49.36×	443.27×	23.76×	3.83×
Cash conversion cycle (days)	269	384	566	719	741	373	365	85