Southern Petrochemical Industries Corporation Limited (SPIC.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

+7333.1%

₹4,279.22

vs ₹57.57 price

Levered DCF

-₹4,409.47

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 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	5.33×	10.97×	13.75×	3.82×	8.93×	8.06×	3.56×	8.43×
P/B	0.82×	1.42×	1.45×	1.17×	2.1×	1.16×	0.55×	1.43×
P/S	0.38×	0.56×	0.8×	2.2×	3.85×	1.83×	0.83×	1.28×
EV / EBITDA	4.42×	7.26×	8.45×	3.87×	9.25×	4.88×	4.74×	7.22×
Gross margin	20.0%	25.0%	23.2%	-333.7%	-309.9%	-301.2%	-315.5%	-288.3%
Operating margin	8.7%	7.9%	10.9%	132.4%	-356.6%	-350.2%	28.2%	18.5%
Net margin	7.2%	5.1%	5.8%	57.5%	43.1%	22.7%	23.4%	15.1%
Current ratio	0.93×	1×	0.93×	1.04×	0.72×	0.76×	0.88×	0.99×
Debt / equity	0.51×	0.6×	0.44×	0.41×	0.44×	0.2×	0.94×	1.08×
Interest coverage	9×	4.43×	5.56×	22.37×	-112.41×	-95.36×	2.39×	3.7×
Dividend yield	3.5%	1.8%	1.9%	0.9%	0.0%	0.0%	0.0%	0.0%
Payout ratio	18.9%	19.6%	26.5%	3.3%	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	15.4%	13.0%	10.5%	30.5%	23.5%	14.4%	15.5%	17.0%
Return on invested capital	8.0%	8.2%	8.9%	45.6%	-129.5%	-169.0%	9.0%	9.2%
Return on assets	8.5%	6.8%	6.4%	13.7%	9.7%	4.3%	3.2%	3.1%
Free cash flow yield	7.8%	-17.0%	9.9%	-5.2%	-18.3%	29.8%	-6.3%	0.1%
Earnings yield	18.7%	9.1%	7.3%	26.2%	11.2%	12.4%	28.1%	11.9%
Enterprise value	₹17.4B	₹23.8B	₹18.5B	₹15.3B	₹17.6B	₹6.2B	₹5.8B	₹8.6B
Net debt / EBITDA	1.55×	2.05×	1.36×	0.97×	1.58×	0.2×	2.79×	2.76×
Cash conversion cycle (days)	-24	-23	12	-51	-8	-261	-304	692