SPL Industries Limited (SPLIL.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

-181.4%

-₹22.74

vs ₹27.95 price

Levered DCF

-₹5.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

B-

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	8.85×	9.44×	14.28×	7.12×	8.97×	7.11×	2.05×	5.19×
P/B	0.29×	0.46×	0.84×	0.91×	1.16×	0.68×	0.5×	1.45×
P/S	0.9×	0.69×	0.84×	0.63×	1×	0.95×	0.37×	0.94×
EV / EBITDA	-7.5×	4.94×	8.63×	4.86×	5.85×	4.49×	1.87×	4.43×
Gross margin	-8.0%	5.2%	14.4%	11.2%	14.9%	21.2%	21.3%	23.8%
Operating margin	-16.4%	0.6%	8.0%	7.9%	10.8%	14.9%	14.3%	18.1%
Net margin	10.2%	7.0%	5.9%	8.8%	11.2%	13.3%	18.1%	18.1%
Current ratio	5.74×	10.22×	8.58×	3.69×	2.94×	11.44×	6.51×	2.65×
Debt / equity	0×	0×	0×	0.06×	0.03×	0.03×	0.03×	0.03×
Interest coverage	-6.65×	0.51×	6.59×	10.06×	29.11×	22.34×	18.8×	28.72×
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	3.3%	4.7%	5.9%	12.7%	12.9%	9.5%	24.3%	27.8%
Return on invested capital	-5.2%	0.3%	5.8%	8.0%	8.9%	7.7%	18.5%	26.9%
Return on assets	3.0%	4.4%	5.6%	11.4%	10.0%	8.9%	21.9%	22.2%
Free cash flow yield	-30.9%	24.1%	2.6%	0.2%	0.7%	30.3%	42.5%	9.2%
Earnings yield	11.3%	10.2%	7.0%	14.1%	11.2%	14.1%	48.8%	19.3%
Enterprise value	₹612.9M	₹788.8M	₹1.7B	₹1.8B	₹1.9B	₹961.5M	₹641.6M	₹1.4B
Net debt / EBITDA	0.15×	-1.09×	-0.06×	0.26×	-0.1×	-0.01×	0×	-0.03×
Cash conversion cycle (days)	38	55	67	48	36	48	58	44