Suraj Estate Developers L (SURAJEST.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

+69.1%

₹305.83

vs ₹180.91 price

Levered DCF

-₹235.80

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.09

Grey zone

Rating

C-

Overall 1 / 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	8.98×	16.2×	16.14×	33.02×	40.25×	172.42×	727.17×	682.65×
P/B	0.82×	1.68×	2.11×	20.78×	37.89×	50.91×	46.15×	48.95×
P/S	1.46×	2.76×	2.64×	4.85×	5.44×	6.18×	12.14×	30.51×
EV / EBITDA	6.46×	9.37×	6.52×	13.77×	16.35×	23.05×	22.86×	26.02×
Gross margin	43.1%	40.7%	67.1%	55.9%	54.1%	40.9%	86.9%	169.7%
Operating margin	38.3%	36.0%	60.9%	48.8%	47.7%	35.1%	78.8%	-5.9%
Net margin	16.2%	18.2%	16.4%	10.5%	9.7%	2.6%	1.7%	4.5%
Current ratio	4.45×	3.48×	2.36×	1.72×	1.99×	2.61×	2.49×	2.17×
Debt / equity	0.65×	0.51×	0.83×	8.31×	16.33×	20.68×	21.75×	17.28×
Interest coverage	2.3×	3.01×	1.81×	1.39×	1.4×	1.06×	0×	-0.04×
Dividend yield	0.0%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	4.4%	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	9.1%	11.1%	13.1%	45.0%	67.3%	21.1%	6.3%	7.2%
Return on invested capital	9.3%	10.6%	18.9%	16.5%	13.9%	9.2%	8.5%	-0.4%
Return on assets	4.6%	5.7%	5.2%	3.4%	3.1%	0.8%	0.2%	0.3%
Free cash flow yield	-17.6%	-26.5%	-1.5%	12.7%	4.6%	-1.2%	-3.5%	-5.1%
Earnings yield	11.1%	6.6%	6.2%	2.2%	1.8%	0.4%	0.1%	0.1%
Enterprise value	₹14.1B	₹19.4B	₹15.1B	₹20.7B	₹21.2B	₹20.8B	₹15.6B	₹14.3B
Net debt / EBITDA	2.73×	2.04×	1.83×	3.88×	4.88×	6.61×	7.3×	6.73×
Cash conversion cycle (days)	1,165	1,112	2,021	1,837	1,956	1,634	17,336	5,587