Spice Islands Industries Limited (SPICEISLIN.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

-78.9%

₹27.82

vs ₹131.95 price

Levered DCF

₹10.50

After debt service

Piotroski score

—

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	24.71×	42.12×	50.2×	-25.71×	-3.89×
P/B	9.97×	8.53×	-53.41×	-4.95×	-9.83×
P/S	7.81×	25.82×	0×	4.77×	1.95×
EV / EBITDA	23.81×	17.05×	39.3×	-383.71×	-5.39×
Gross margin	52.7%	40.0%	0.0%	24.5%	26.4%
Operating margin	13.4%	-122.3%	0.0%	-31.1%	-39.0%
Net margin	31.6%	61.3%	0.0%	-18.8%	-50.1%
Current ratio	2.85×	0.74×	0.25×	0.2×	0.4×
Debt / equity	0.04×	0.54×	-2.49×	-0.22×	-1.67×
Interest coverage	44.12×	-17.77×	-9.06×	-3.93×	-15.87×
Dividend yield	0.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	8.7%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	40.4%	20.3%	-106.5%	19.6%	252.8%
Return on invested capital	16.5%	-11.1%	-162.9%	-602.6%	-262.6%
Return on assets	32.0%	9.4%	25.1%	-6.3%	-37.3%
Free cash flow yield	-0.9%	-13.0%	-1.3%	2.3%	12.5%
Earnings yield	4.1%	2.4%	2.0%	-4.0%	-25.7%
Enterprise value	₹1.4B	₹211M	₹166M	₹32.2M	₹59M
Net debt / EBITDA	-0.38×	0.81×	1.49×	-15.14×	-0.71×
Cash conversion cycle (days)	46	560	0	-22	69