Surya Roshni Limited (SURYAROSNI.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

+113.4%

₹437.73

vs ₹205.11 price

Levered DCF

₹538.75

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	14.32×	16.16×	17.28×	10.5×	10.77×	11.76×	3.33×	11.45×
P/B	1.55×	2.27×	2.63×	1.89×	1.44×	1.36×	0.28×	1.2×
P/S	0.54×	0.76×	0.73×	0.44×	0.29×	0.34×	0.06×	0.23×
EV / EBITDA	7.63×	9.67×	9.67×	6.43×	6.41×	6.86×	4.09×	6.98×
Gross margin	15.0%	24.4%	22.1%	13.6%	19.1%	21.0%	20.6%	11.3%
Operating margin	4.7%	6.0%	15.9%	6.0%	4.4%	5.1%	4.7%	4.9%
Net margin	3.8%	4.7%	4.2%	4.2%	2.7%	2.9%	1.9%	2.0%
Current ratio	3.21×	3.35×	3.06×	1.92×	1.51×	1.45×	1.38×	1.33×
Debt / equity	0.03×	0.01×	0.01×	0.22×	0.38×	0.54×	0.89×	1.03×
Interest coverage	12.9×	21.22×	51.74×	10.74×	5.33×	4.02×	2.2×	2.51×
Dividend yield	2.9%	1.0%	0.9%	1.1%	0.4%	1.0%	3.8%	0.8%
Payout ratio	41.9%	15.7%	14.9%	11.4%	4.0%	12.0%	12.8%	9.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.9%	14.1%	15.2%	18.0%	13.2%	11.6%	8.3%	10.5%
Return on invested capital	9.5%	12.8%	40.4%	14.8%	11.1%	9.5%	7.4%	8.1%
Return on assets	8.1%	10.7%	11.3%	11.0%	6.6%	5.4%	3.5%	4.0%
Free cash flow yield	6.1%	4.3%	8.4%	6.9%	10.2%	25.4%	65.9%	1.0%
Earnings yield	7.0%	6.2%	5.8%	9.5%	9.2%	8.5%	30.0%	8.7%
Enterprise value	₹41.3B	₹56B	₹56.7B	₹39.4B	₹28.2B	₹25.9B	₹14.4B	₹25.7B
Net debt / EBITDA	0.07×	-0.01×	-0.03×	0.68×	1.35×	1.94×	3.12×	3.23×
Cash conversion cycle (days)	75	79	77	79	71	82	101	86