The South India Paper Mills Limited (STHINPA.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

-401.9%

-₹356.23

vs ₹118.00 price

Levered DCF

-₹379.59

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.91

Grey zone

Rating

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	15.02×	-16.52×	-10.67×	-10.28×	11.44×	6.89×	3.97×	6.57×
P/B	0.73×	0.75×	0.65×	0.73×	1.2×	0.71×	0.37×	0.77×
P/S	0.37×	0.43×	0.46×	0.6×	0.81×	0.58×	0.29×	0.5×
EV / EBITDA	6.12×	14.28×	19.35×	39.49×	10.29×	5.61×	3.01×	4.26×
Gross margin	30.4%	38.8%	21.2%	13.9%	27.2%	34.2%	17.8%	18.2%
Operating margin	7.8%	1.3%	-0.1%	-7.6%	9.4%	12.2%	11.5%	11.4%
Net margin	2.5%	-2.6%	-4.3%	-5.8%	7.1%	8.4%	7.4%	7.6%
Current ratio	1.1×	1×	1.02×	1.12×	1.15×	1.39×	2.01×	2.63×
Debt / equity	0.7×	0.83×	0.9×	0.82×	0.96×	0.54×	0.25×	0.24×
Interest coverage	1.67×	0.25×	-0.02×	-1.33×	4.68×	6.23×	6.02×	6.05×
Dividend yield	0.0%	0.0%	0.1%	0.9%	0.6%	1.7%	3.6%	1.2%
Payout ratio	0.3%	-0.5%	-0.9%	-9.3%	7.0%	11.9%	14.1%	8.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.8%	-4.6%	-6.1%	-7.1%	10.5%	10.3%	9.4%	11.8%
Return on invested capital	6.2%	0.9%	-0.1%	-3.5%	5.7%	6.4%	8.1%	10.4%
Return on assets	2.4%	-2.2%	-2.9%	-3.4%	4.6%	5.6%	6.3%	7.7%
Free cash flow yield	11.9%	23.5%	-15.7%	-15.4%	-27.7%	-46.5%	8.8%	21.7%
Earnings yield	6.7%	-6.0%	-9.4%	-9.7%	8.7%	14.5%	25.2%	15.2%
Enterprise value	₹3.1B	₹3.3B	₹3.4B	₹3.3B	₹4.2B	₹2.3B	₹1.1B	₹1.6B
Net debt / EBITDA	2.98×	7.47×	11.22×	19.24×	4.28×	2.43×	1.2×	1×
Cash conversion cycle (days)	94	105	109	98	79	109	88	87