STEL Holdings Limited (STEL.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

-35.1%

₹336.94

vs ₹519.25 price

Levered DCF

₹276.89

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	39.26×	46.73×	43.99×	21.64×	14.51×	17.49×	4.68×	21.31×
P/B	0.48×	0.42×	0.39×	0.33×	0.29×	0.19×	0.16×	0.29×
P/S	28.41×	33.85×	31.61×	15.45×	10.57×	12.34×	4.37×	19.53×
EV / EBITDA	29.21×	33.58×	32.78×	16.1×	9.62×	5.06×	2.85×	19.24×
Gross margin	99.8%	99.3%	99.6%	99.7%	99.8%	99.5%	99.5%	99.3%
Operating margin	97.1%	99.3%	98.6%	95.6%	96.8%	95.5%	95.3%	93.7%
Net margin	72.4%	72.4%	71.9%	71.4%	72.8%	70.6%	93.3%	91.6%
Current ratio	27.84×	1.09×	605.67×	433.46×	295.13×	2,213.13×	691.09×	506.42×
Debt / equity	0×	0×	0×	0×	0×	0×	0.01×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.2%	0.9%	0.9%	1.5%	2.0%	1.1%	3.4%	1.4%
Return on invested capital	1.2%	0.9%	0.9%	1.5%	2.0%	1.1%	3.4%	1.4%
Return on assets	1.2%	0.8%	0.8%	1.5%	2.0%	1.1%	3.4%	1.4%
Free cash flow yield	-0.8%	5.8%	2.1%	5.2%	6.9%	-6.4%	23.0%	-0.4%
Earnings yield	2.5%	2.1%	2.3%	4.6%	6.9%	5.7%	21.3%	4.7%
Enterprise value	₹7.8B	₹7.1B	₹5.8B	₹2.7B	₹1.9B	₹595.2M	₹442.6M	₹1.8B
Net debt / EBITDA	-0×	-1.28×	-0×	-0.01×	-1.27×	-7.81×	-1.72×	-1.49×
Cash conversion cycle (days)	-55	-14	-26	-24	-35	-23	-3,784	158