Steel Exchange India Limited (STEELXIND.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

-46.7%

₹5.36

vs ₹10.07 price

Levered DCF

-₹6.38

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	32.32×	37.18×	160×	-19.01×	17.82×	3.4×	1.48×	-3.41×
P/B	1.14×	1.37×	2.63×	2.16×	4.22×	1.58×	0.61×	1.36×
P/S	0.82×	0.84×	1.6×	0.8×	1.88×	0.53×	0.12×	0.12×
EV / EBITDA	9.98×	9.24×	23.29×	15.02×	19.76×	4.82×	15.51×	51.05×
Gross margin	18.3%	22.0%	8.4%	15.9%	14.2%	16.2%	14.8%	10.2%
Operating margin	9.7%	8.9%	7.1%	5.2%	7.6%	10.2%	4.2%	-1.3%
Net margin	2.5%	2.3%	1.0%	-4.2%	10.6%	15.6%	8.2%	-3.6%
Current ratio	2.26×	1.91×	2.16×	1.2×	1.43×	1.46×	0.65×	0.61×
Debt / equity	0.57×	0.53×	0.58×	0.66×	0.9×	1.51×	6.51×	11.18×
Interest coverage	1.48×	1.37×	1×	0.68×	0.95×	3.49×	9.55×	-1.37×
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	3.5%	3.7%	1.6%	-11.4%	23.7%	46.3%	41.3%	-40.2%
Return on invested capital	5.7%	5.4%	7.4%	8.4%	9.0%	11.3%	2.7%	-1.2%
Return on assets	2.0%	2.0%	0.9%	-5.2%	10.4%	14.2%	4.6%	-2.6%
Free cash flow yield	-13.1%	0.4%	-5.6%	10.9%	-0.2%	15.8%	35.9%	45.6%
Earnings yield	3.1%	2.7%	0.6%	-5.3%	5.6%	29.3%	67.4%	-29.5%
Enterprise value	₹13.1B	₹13.3B	₹21.2B	₹14.4B	₹25B	₹9.3B	₹10.8B	₹11.4B
Net debt / EBITDA	3.33×	2.53×	4.12×	3.42×	3.37×	2.35×	14.15×	45.51×
Cash conversion cycle (days)	198	129	121	78	97	79	291	197