SRF Limited (SRF.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

-46.5%

₹1,286.61

vs ₹2,405.00 price

Levered DCF

₹567.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.25

Safe zone

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	41.27×	68.23×	58.07×	33.06×	42.03×	26.67×	17.47×	22.93×
P/B	5.39×	6.76×	6.76×	6.92×	9.27×	4.66×	3.24×	3.28×
P/S	4.91×	5.81×	5.9×	4.81×	6.39×	3.8×	2.22×	1.91×
EV / EBITDA	23.37×	31.54×	30.84×	21.33×	26.52×	16.44×	13.61×	12.8×
Gross margin	49.4%	45.2%	46.4%	48.4%	49.2%	49.7%	46.0%	41.6%
Operating margin	17.8%	36.9%	38.0%	41.8%	41.8%	40.9%	36.9%	33.3%
Net margin	11.9%	8.5%	10.2%	14.5%	15.2%	14.3%	14.1%	9.0%
Current ratio	1.1×	1.13×	1.03×	1.17×	1.18×	1.1×	0.88×	0.99×
Debt / equity	0.36×	0.37×	0.44×	0.43×	0.43×	0.51×	0.84×	0.9×
Interest coverage	9.88×	14.82×	18.15×	34.56×	51.19×	25.88×	14.22×	12.5×
Dividend yield	0.4%	0.2%	0.3%	0.3%	0.3%	0.4%	0.6%	0.5%
Payout ratio	14.5%	17.0%	16.0%	9.9%	11.2%	11.8%	9.5%	10.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.1%	9.9%	11.6%	20.9%	22.1%	17.5%	20.7%	15.5%
Return on invested capital	10.6%	21.1%	22.3%	29.9%	28.9%	23.7%	28.6%	22.1%
Return on assets	7.6%	5.8%	6.5%	11.5%	12.0%	9.3%	9.4%	6.5%
Free cash flow yield	1.0%	1.5%	-0.2%	0.1%	0.3%	1.7%	-0.5%	-1.2%
Earnings yield	2.4%	1.5%	1.7%	3.0%	2.4%	3.8%	6.4%	4.7%
Enterprise value	₹802.1B	₹897.3B	₹821.9B	₹753.6B	₹826B	₹352.7B	₹200.2B	₹171B
Net debt / EBITDA	1.3×	1.54×	1.74×	1.1×	1.03×	1.55×	2.73×	2.65×
Cash conversion cycle (days)	71	55	61	46	64	45	54	50