Swashthik Plascon Limited (SPL.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

-7427.7%

-₹1,253.03

vs ₹17.10 price

Levered DCF

-₹894.30

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.48

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	4.57×	13.59×	17.32×	53.43×	1,261×	2,339.52×
P/B	0.39×	1×	2.04×	7.94×	25.61×	26.15×
P/S	0.24×	0.59×	1.03×	3.55×	3.27×	4.77×
EV / EBITDA	5.34×	8.33×	10.07×	35.55×	59.82×	59.2×
Gross margin	24.3%	32.5%	17.2%	19.8%	11.3%	14.8%
Operating margin	10.5%	10.5%	5.0%	10.9%	2.9%	1.2%
Net margin	5.2%	4.8%	6.0%	6.6%	0.3%	0.2%
Current ratio	2.08×	4.53×	3.2×	1.31×	1.25×	1.15×
Debt / equity	0.94×	1×	0.84×	2.89×	2.37×	2.45×
Interest coverage	2.79×	2.49×	1.68×	2.8×	0.9×	0.25×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	8.6%	8.2%	11.8%	14.8%	2.1%	1.1%
Return on invested capital	6.5%	6.6%	3.6%	5.5%	3.8%	0.7%
Return on assets	3.6%	3.5%	5.0%	2.7%	0.5%	0.2%
Free cash flow yield	-11.7%	-49.0%	-25.5%	-0.7%	0.1%	-0.4%
Earnings yield	21.9%	8.2%	5.8%	1.9%	0.1%	0.0%
Enterprise value	₹1.2B	₹1.7B	₹1.8B	₹2.2B	₹1.8B	₹1.8B
Net debt / EBITDA	3.76×	4.11×	2.93×	9.46×	5.06×	5.07×
Cash conversion cycle (days)	283	292	230	509	97	131