Sun Pharma Advanced Research Company Limited (SPARC.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

-990.7%

-₹1,570.79

vs ₹176.35 price

Levered DCF

-₹2,306.78

After debt service

Piotroski score

4 / 9

Average

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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	2.4×	-13.87×	-31.79×	-22.93×	-38.42×	-24.64×	-8.09×	-34.08×
P/B	2.78×	-21.89×	97.87×	9.96×	250.24×	-22.14×	-135.61×	16.73×
P/S	1.98×	66.17×	162.92×	21.38×	56.93×	14.73×	32.9×	27.1×
EV / EBITDA	2.68×	-15.52×	-33.13×	-25.21×	-43.87×	-30.5×	-8.64×	-35.98×
Gross margin	91.9%	67.8%	-163.9%	34.4%	7.7%	18.4%	-151.5%	12.3%
Operating margin	84.5%	-387.3%	-544.7%	-93.7%	-143.5%	-57.7%	-410.0%	-83.2%
Net margin	82.7%	-477.2%	-512.6%	-93.2%	-148.2%	-59.7%	-406.7%	-79.5%
Current ratio	2.47×	0.07×	1.02×	2.54×	0.42×	0.27×	0.29×	2.71×
Debt / equity	0.42×	-1.24×	0.49×	0.03×	2.54×	-1.4×	-3.67×	0.01×
Interest coverage	46.54×	-30.75×	-243.49×	-29.29×	-14.77×	-13.7×	-117.74×	-1,619.99×
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	116.0%	157.9%	-307.9%	-43.4%	-651.4%	89.8%	1676.1%	-49.1%
Return on invested capital	80.4%	-225.3%	-137.0%	-34.2%	-106.2%	-125.8%	-316.0%	-49.8%
Return on assets	71.5%	-102.1%	-75.2%	-26.8%	-72.6%	-65.8%	-114.6%	-36.5%
Free cash flow yield	-8.0%	-7.8%	-3.7%	-1.7%	-3.1%	-4.2%	-10.5%	-3.7%
Earnings yield	41.7%	-7.2%	-3.1%	-4.4%	-2.6%	-4.1%	-12.4%	-2.9%
Enterprise value	₹42.9B	₹50.2B	₹123.6B	₹51.2B	₹78.9B	₹39.5B	₹26B	₹49.6B
Net debt / EBITDA	0.35×	-0.83×	-0.15×	-0.07×	-0.43×	-1.75×	-0.23×	-0.01×
Cash conversion cycle (days)	-232	-1,717	-172	-267	-126	-130	-215	-149