Swarnsarita Gems Limited (SWARNSAR.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

+73.6%

₹74.57

vs ₹42.95 price

Levered DCF

₹52.65

After debt service

Piotroski score

5 / 9

Average

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	5.19×	10.61×	14.83×	5.67×	6.28×	5.02×	3.2×	5.39×
P/B	0.45×	0.44×	0.58×	0.3×	0.42×	0.26×	0.15×	0.28×
P/S	0.07×	0.07×	0.09×	0.04×	0.06×	0.05×	0.03×	0.05×
EV / EBITDA	5.7×	8.69×	10.9×	8.77×	9.38×	9.55×	8.73×	12.54×
Gross margin	2.5%	3.5%	3.3%	2.7%	2.2%	3.2%	3.1%	3.2%
Operating margin	1.8%	2.0%	2.3%	1.6%	1.2%	1.9%	1.1%	1.0%
Net margin	1.4%	0.7%	0.6%	0.7%	0.9%	1.0%	0.8%	0.9%
Current ratio	2.47×	2.25×	2.03×	1.9×	2.04×	1.74×	1.79×	1.58×
Debt / equity	0.51×	0.67×	0.88×	1.03×	1.13×	1.12×	1.05×	1.4×
Interest coverage	2.55×	2.17×	2.09×	1.7×	1.49×	1.71×	1.09×	1.13×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.7%	4.1%	3.9%	5.3%	6.7%	5.3%	4.6%	5.1%
Return on invested capital	5.3%	4.0%	5.6%	4.2%	3.2%	3.4%	1.9%	1.7%
Return on assets	5.4%	2.4%	2.0%	2.5%	3.1%	2.4%	2.2%	2.1%
Free cash flow yield	10.2%	20.3%	4.2%	23.8%	15.9%	7.9%	73.9%	-104.3%
Earnings yield	19.3%	9.4%	6.7%	17.6%	15.9%	20.0%	31.2%	18.5%
Enterprise value	₹1.3B	₹1.4B	₹1.7B	₹1.4B	₹1.6B	₹1.4B	₹1.1B	₹1.6B
Net debt / EBITDA	2.95×	5.24×	6.32×	6.6×	6.69×	7.69×	7.63×	10.46×
Cash conversion cycle (days)	80	94	93	80	79	113	113	117