SSPN Finance Limited (SSPNFIN.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

-145.2%

-₹3.94

vs ₹8.70 price

Levered DCF

-₹19.37

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.44

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	401.14×	336.13×	427.5×	8,444.44×	61.07×	106.33×	67.07×	57.5×
P/B	0.91×	0.69×	0.66×	0.66×	0.72×	1.4×	1.74×	1.05×
P/S	12.78×	9.96×	11.29×	10.63×	7.64×	16.19×	18.93×	9.79×
EV / EBITDA	435.92×	324.29×	494.7×	2,179.69×	51.45×	66.1×	49.19×	-329.8×
Gross margin	34.4%	23.4%	65.1%	64.6%	92.0%	95.6%	92.7%	87.8%
Operating margin	4.5%	4.3%	2.7%	0.2%	19.2%	23.0%	37.6%	27.1%
Net margin	3.2%	3.0%	3.0%	0.1%	12.5%	15.0%	28.0%	17.0%
Current ratio	0.23×	2.82×	5.55×	2.99×	3.11×	5.83×	5.82×	7×
Debt / equity	0.58×	0.35×	0.26×	0.27×	0.23×	0.01×	0.01×	0.15×
Interest coverage	0×	0×	0.08×	7.49×	1,116.99×	737.71×	1,761.37×	0×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.2%	0.2%	0.2%	0.0%	1.2%	1.3%	2.6%	1.8%
Return on invested capital	0.1%	0.2%	0.1%	0.0%	1.1%	1.5%	2.6%	1.5%
Return on assets	0.1%	0.1%	0.1%	0.0%	0.8%	1.1%	2.2%	1.5%
Free cash flow yield	0.0%	-2.1%	1.2%	-5.1%	-3.8%	8.0%	4.9%	-5.3%
Earnings yield	0.2%	0.3%	0.3%	0.0%	1.6%	0.9%	1.5%	1.7%
Enterprise value	₹65.4M	₹45.4M	₹39.6M	₹39.6M	₹41.1M	₹57.9M	₹72.9M	₹48.6M
Net debt / EBITDA	168.49×	107.92×	131.39×	597.17×	12.35×	-2.9×	-0.49×	-34.25×
Cash conversion cycle (days)	643	7,224	1,107	4,799	4,612	4,078	4,149	3,533