Spectrum Electrical Industries Ltd. (SPECTRUM.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

-143.5%

-₹1,813.49

vs ₹4,169.60 price

Levered DCF

-₹2,018.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	54.03×	122.4×	119.09×	61.72×	18.48×	14.58×	17.1×	12.14×
P/B	9.82×	16.58×	13.99×	5.94×	1.7×	1.12×	1.13×	1.35×
P/S	4.56×	8.19×	7.36×	2.06×	0.56×	0.57×	0.57×	0.61×
EV / EBITDA	33.11×	58.17×	51.42×	22.1×	8.37×	7.81×	9.25×	7.52×
Gross margin	24.8%	25.9%	24.7%	28.5%	23.2%	12.9%	11.2%	15.4%
Operating margin	12.8%	11.7%	11.0%	7.0%	6.9%	8.9%	6.7%	8.3%
Net margin	8.4%	6.6%	6.2%	3.3%	3.0%	3.9%	3.3%	5.0%
Current ratio	1.34×	1.33×	1.34×	1.11×	1.33×	1.66×	1.58×	1.49×
Debt / equity	1.02×	1.12×	0.57×	1.17×	0.94×	1.01×	0.94×	0.69×
Interest coverage	4.56×	3.61×	3.72×	2.5×	2.32×	2.3×	2.91×	4.25×
Dividend yield	0.0%	0.0%	0.1%	0.0%	1.1%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	7.8%	0.0%	19.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.2%	13.5%	11.8%	9.6%	9.2%	7.7%	6.6%	11.1%
Return on invested capital	9.5%	7.8%	9.4%	6.5%	7.4%	6.2%	5.0%	7.8%
Return on assets	6.7%	5.8%	6.1%	3.3%	3.5%	3.1%	2.9%	5.1%
Free cash flow yield	-2.4%	-2.8%	-0.6%	-2.3%	-0.8%	-5.5%	-27.6%	-29.7%
Earnings yield	1.9%	0.8%	0.8%	1.6%	5.4%	6.9%	5.8%	8.2%
Enterprise value	₹26.4B	₹33.7B	₹23.9B	₹6.2B	₹2.2B	₹1.6B	₹1.4B	₹1.3B
Net debt / EBITDA	3×	3.62×	1.77×	3.38×	2.94×	3.48×	4.1×	2.49×
Cash conversion cycle (days)	120	172	138	114	102	158	144	106