Spencer's Retail Limited (SPENCERS.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

-1096.6%

-₹204.01

vs ₹20.47 price

Levered DCF

-₹255.31

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

—

Rating

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	-0.89×	-2.41×	-3.31×	-2.22×	-5.96×	-3.72×	-4.53×	543.5×
P/B	-0.24×	-0.9×	-2.12×	-3.1×	11.71×	3.27×	2.16×	2.37×
P/S	0.12×	0.3×	0.38×	0.19×	0.31×	0.25×	0.22×	0.59×
EV / EBITDA	138×	35.58×	177.01×	-64.47×	17.67×	28.11×	15.27×	34.25×
Gross margin	7.8%	19.6%	18.2%	18.3%	15.7%	16.4%	20.8%	20.7%
Operating margin	-5.9%	-9.3%	-6.0%	-4.2%	-4.0%	-5.0%	-3.0%	-0.7%
Net margin	-13.9%	-12.3%	-11.3%	-8.6%	-5.3%	-6.7%	-4.9%	0.1%
Current ratio	0.26×	0.26×	0.38×	0.42×	0.5×	0.59×	0.67×	1.61×
Debt / equity	-2.1×	-2.38×	-3.9×	-8.91×	17.28×	5.07×	3.1×	0×
Interest coverage	-0.63×	-1.13×	-0.95×	-0.89×	-0.96×	-1.32×	-0.99×	-2.22×
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	27.3%	37.2%	64.0%	139.8%	-196.4%	-87.9%	-47.7%	0.4%
Return on invested capital	-10.2%	-19.6%	-11.3%	-8.3%	-7.9%	-10.3%	-7.0%	-1.7%
Return on assets	-17.9%	-18.8%	-15.7%	-12.9%	-7.8%	-10.5%	-8.2%	0.3%
Free cash flow yield	-105.2%	2.6%	-0.1%	0.1%	4.1%	-4.1%	11.9%	-4.5%
Earnings yield	-112.7%	-41.5%	-30.2%	-45.1%	-16.8%	-26.9%	-22.1%	0.2%
Enterprise value	₹20.9B	₹21.4B	₹24.7B	₹17.9B	₹17.8B	₹15B	₹13.6B	₹12.7B
Net debt / EBITDA	123.4×	25.72×	113.95×	-47.69×	10.46×	16.66×	8.61×	-0.74×
Cash conversion cycle (days)	-20	-30	-17	-17	-6	-4	-11	-0