SW Investments Limited (SW1.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

-111.7%

-₹31.41

vs ₹269.35 price

Levered DCF

-₹58.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

152.63

Safe zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	40.44×	90.31×	103.71×	108.37×	17.82×	12.29×	54.63×	4.16×
P/B	1.15×	0.93×	0.68×	0.44×	0.76×	0.31×	0.35×	0.3×
P/S	21.38×	31.21×	32.45×	18.44×	8.78×	2.79×	1.23×	0.05×
EV / EBITDA	29.51×	129.66×	145.26×	82.21×	13.27×	12.58×	39.97×	2.93×
Gross margin	100.0%	94.8%	92.6%	100.0%	100.0%	96.6%	16.6%	2.3%
Operating margin	70.7%	23.9%	22.2%	22.2%	65.7%	29.6%	3.0%	1.6%
Net margin	52.9%	34.6%	31.2%	17.0%	49.2%	22.6%	2.3%	1.2%
Current ratio	0×	3.4×	16.87×	19.16×	10.03×	2.92×	20.52×	52.16×
Debt / equity	0×	0×	0×	0×	0×	0.12×	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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.8%	1.0%	0.7%	0.4%	4.3%	2.5%	0.6%	7.2%
Return on invested capital	2.8%	0.5%	0.5%	0.4%	4.3%	2.8%	0.6%	7.3%
Return on assets	2.8%	1.0%	0.6%	0.4%	4.2%	2.2%	0.6%	7.2%
Free cash flow yield	0.0%	62.9%	0.9%	-0.1%	-16.3%	317.1%	0.5%	-4.3%
Earnings yield	2.5%	1.1%	1.0%	0.9%	5.6%	8.1%	1.8%	24.0%
Enterprise value	₹93.1M	₹71.3M	₹51.9M	₹29M	₹50.8M	₹24.2M	₹19.7M	₹16.8M
Net debt / EBITDA	-0.75×	-1.01×	-1.16×	-0.68×	-0.08×	3.15×	-1×	-0.15×
Cash conversion cycle (days)	267	-1,558	933	-271,775	-40,573	-113,742	-351	-4