S. P. Capital Financing Limited (SPCAPIT.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

+6932.7%

₹3,832.84

vs ₹54.50 price

Levered DCF

₹9,491.45

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.38

Distress 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	8.59×	33.15×	27.64×	20.21×	7.59×	1.7×	58.52×	59.38×
P/B	1.13×	1.17×	0.63×	0.43×	0.47×	0.43×	0.58×	0.53×
P/S	2.59×	5.39×	6.13×	6.2×	12.84×	1.58×	3.83×	3.4×
EV / EBITDA	28.02×	84.7×	36.21×	25.1×	6.32×	1.65×	34.04×	22.88×
Gross margin	56.3%	99.4%	89.7%	84.9%	81.2%	96.2%	14.0%	12.7%
Operating margin	46.4%	79.4%	68.7%	51.8%	37.8%	94.9%	9.2%	11.6%
Net margin	30.2%	16.7%	22.2%	40.0%	169.3%	93.0%	6.5%	5.8%
Current ratio	0×	11.91×	55.8×	16.7×	361.79×	249.75×	1,658.25×	326.6×
Debt / equity	4.55×	4.01×	2.26×	0.63×	0.21×	0×	0.02×	0.04×
Interest coverage	1.06×	1.48×	1.73×	1,352×	455.57×	64.92×	23.61×	3.5×
Dividend yield	7.0%	7.2%	3.8%	4.6%	2.8%	2.8%	0.0%	0.0%
Payout ratio	59.8%	230.9%	106.3%	71.4%	21.1%	4.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.1%	3.6%	2.3%	2.8%	6.2%	25.0%	1.0%	0.9%
Return on invested capital	2.3%	1.3%	1.0%	1.2%	0.7%	25.1%	1.0%	1.2%
Return on assets	2.3%	0.7%	0.7%	1.7%	5.0%	24.7%	1.0%	0.9%
Free cash flow yield	17.0%	4.5%	4.6%	107.0%	18.8%	-31.0%	-3.1%	9.7%
Earnings yield	11.6%	3.1%	3.6%	6.5%	13.2%	58.8%	1.7%	1.7%
Enterprise value	₹1.5B	₹1.3B	₹635.3M	₹233.5M	₹123.3M	₹91.6M	₹77.5M	₹66.5M
Net debt / EBITDA	22.44×	65.35×	27.3×	14.65×	0.77×	-0.02×	-7.69×	-6.59×
Cash conversion cycle (days)	0	16	103	57,233	40,026	28,429	3,346	0