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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
+101.9%
₹6,964.87
vs ₹3,450.00 price
Levered DCF
₹5,957.52
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
10.81
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E20.48×29.05×20.53×13.99×14.5×17.2×15.45×20.97×
P/B8.22×11.5×7.68×5.46×5.19×5.67×4.65×7.26×
P/S2×2.87×1.99×1.31×1.4×1.62×1.42×1.99×
EV / EBITDA14.72×21.19×13.98×9.41×9.58×10.77×9.68×11.74×
Gross margin18.0%21.1%15.7%14.0%20.2%20.9%21.7%22.8%
Operating margin12.4%18.3%12.3%16.4%12.3%12.0%10.4%12.9%
Net margin9.8%9.9%9.7%9.4%9.7%9.4%9.2%9.5%
Current ratio2.06×1.96×2.34×2.09×2.19×2.1×2.2×2.1×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage640.18×930.3×703.77×2,910.27×1,859.33×47,290.72×6,935.68×1,248.59×
Dividend yield3.2%2.4%3.9%5.2%5.3%3.1%6.7%4.2%
Payout ratio64.7%69.5%81.1%72.7%76.7%52.7%102.9%88.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity40.2%39.6%37.4%39.0%35.8%33.0%30.1%34.6%
Return on invested capital37.2%53.3%34.4%49.5%33.4%30.6%25.1%29.2%
Return on assets25.2%24.7%24.8%24.9%23.7%20.2%20.0%22.5%
Free cash flow yield1.6%3.2%3.3%6.4%5.1%1.4%7.6%2.0%
Earnings yield4.9%3.4%4.9%7.1%6.9%5.8%6.5%4.8%
Enterprise value₹40B₹48.2B₹28.3B₹18.7B₹15.8B₹15.5B₹11B₹17.3B
Net debt / EBITDA-0.06×-0.02×-0.01×-0.01×-0.03×-0.26×-0.02×-0.02×
Cash conversion cycle (days)11710111-27-15