Spacenet Enterprises India Limited (SPCENET.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

-1042.1%

-₹29.49

vs ₹3.13 price

Levered DCF

-₹26.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	10.41×	36.44×	134.25×	318.54×	71.65×	-36.81×	-0.85×	-204.55×
P/B	0.95×	2.87×	13.33×	16.24×	1.52×	-7.71×	-0.28×	-0.64×
P/S	0.86×	2.75×	10.93×	5.93×	1.21×	3.27×	1.38×	12.39×
EV / EBITDA	8.69×	29.55×	124.99×	307.35×	51.35×	-89.82×	-4.98×	-533.44×
Gross margin	8.4%	14.7%	11.2%	8.5%	5.1%	94.9%	91.4%	96.0%
Operating margin	6.8%	8.0%	8.3%	5.7%	0.9%	-8.1%	-123.6%	-5.5%
Net margin	8.3%	7.6%	8.1%	1.9%	1.7%	-8.9%	-163.0%	-6.0%
Current ratio	2.19×	2.17×	3.9×	2.11×	2.65×	0.75×	0.7×	0×
Debt / equity	0.14×	0.01×	0.01×	0×	0.11×	-4.42×	-0.98×	-0.66×
Interest coverage	26.31×	216.54×	78.97×	285.1×	17.85×	-3.69×	0×	-79.92×
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	9.1%	7.9%	9.9%	5.1%	2.1%	20.9%	33.3%	0.3%
Return on invested capital	6.0%	7.4%	9.5%	15.1%	0.8%	-5.5%	1169.3%	0.8%
Return on assets	6.6%	6.1%	8.3%	3.3%	1.4%	-5.6%	-404.3%	-16.3%
Free cash flow yield	13.5%	-0.9%	-1.4%	-0.6%	-13.0%	-46.4%	-189.3%	-0.6%
Earnings yield	9.6%	2.8%	0.7%	0.3%	1.4%	-2.7%	-117.7%	-0.5%
Enterprise value	₹1.9B	₹4.3B	₹14B	₹8.6B	₹521.7M	₹443.7M	₹195.8M	₹134.4M
Net debt / EBITDA	1×	-0.06×	-0.47×	-0.64×	0.08×	-32.19×	-3.86×	-270.74×
Cash conversion cycle (days)	52	60	115	82	103	-354	-1,667	-10,803