Subros Limited (SUBROS.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

+73.3%

₹1,036.58

vs ₹598.05 price

Levered DCF

₹148.95

After debt service

Piotroski score

2 / 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	25.02×	24.77×	36.69×	40.82×	65.8×	42.58×	10.05×	22.73×
P/B	3.33×	3.41×	3.75×	2.26×	2.6×	2.54×	1.13×	2.55×
P/S	1.1×	1.11×	1.17×	0.7×	0.96×	1.12×	0.43×	0.82×
EV / EBITDA	11.79×	10.77×	13.43×	10.83×	13.99×	12.96×	4.1×	8.72×
Gross margin	14.1%	28.5%	8.8%	23.4%	22.7%	25.0%	26.3%	27.0%
Operating margin	5.3%	5.9%	4.6%	2.1%	2.3%	3.6%	5.2%	7.1%
Net margin	4.4%	4.5%	3.2%	1.7%	1.5%	2.6%	4.3%	3.6%
Current ratio	1.61×	1.45×	1.29×	1.1×	1.1×	1.07×	0.94×	0.88×
Debt / equity	0.06×	0.04×	0.04×	0.09×	0.08×	0.13×	0.21×	0.36×
Interest coverage	20.7×	17.17×	14.97×	13.35×	6.5×	4.78×	3.41×	4.53×
Dividend yield	0.4%	0.3%	0.2%	0.2%	0.2%	0.3%	1.2%	0.4%
Payout ratio	10.2%	7.8%	6.7%	9.5%	14.1%	11.0%	12.1%	8.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.3%	13.8%	10.2%	5.5%	3.9%	6.0%	11.3%	11.2%
Return on invested capital	10.5%	12.1%	9.2%	4.0%	4.1%	5.8%	7.5%	10.8%
Return on assets	7.8%	8.1%	5.9%	3.1%	2.2%	3.3%	6.1%	5.5%
Free cash flow yield	-1.1%	1.5%	1.3%	0.4%	2.1%	7.2%	16.5%	-1.6%
Earnings yield	4.0%	4.0%	2.7%	2.4%	1.5%	2.4%	9.9%	4.4%
Enterprise value	₹41.8B	₹36.9B	₹35.8B	₹20.1B	₹21.7B	₹20.9B	₹10B	₹19.7B
Net debt / EBITDA	0.1×	-0.1×	-0.02×	0.27×	0.24×	0.45×	0.61×	1.05×
Cash conversion cycle (days)	37	21	17	2	3	-5	-0	-2