TAJGVK Hotels & Resorts Limited (TAJGVK.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

+209.0%

₹960.90

vs ₹310.95 price

Levered DCF

₹1,114.85

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.86

Safe zone

Rating

C+

Overall 2 / 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	4.6×	24.63×	26.26×	12.62×	448.82×	-17.15×	23.08×	59.95×
P/B	1.84×	4.41×	4.44×	2.55×	2.6×	1.87×	1.59×	3.72×
P/S	3.71×	6.26×	5.96×	3.07×	4.21×	7.36×	2.09×	4.63×
EV / EBITDA	12.05×	18.99×	18.79×	8.66×	21.5×	1,915.08×	11.28×	21.8×
Gross margin	62.2%	64.8%	68.7%	64.8%	65.1%	56.5%	63.6%	63.8%
Operating margin	27.6%	28.2%	28.5%	27.3%	16.2%	-20.5%	18.8%	16.9%
Net margin	80.7%	25.4%	18.2%	20.8%	4.4%	-42.9%	9.1%	7.7%
Current ratio	1.26×	1.26×	1.09×	1×	0.6×	0.42×	0.59×	0.46×
Debt / equity	0.13×	0.07×	0.2×	0.31×	0.58×	0.61×	0.51×	0.5×
Interest coverage	28.56×	14.69×	8.98×	6.78×	1.98×	-0.96×	2.6×	2.49×
Dividend yield	0.7%	0.3%	0.3%	0.0%	0.0%	0.0%	0.7%	0.3%
Payout ratio	3.1%	8.0%	8.4%	0.0%	0.0%	0.0%	16.6%	15.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	40.1%	17.9%	13.6%	17.3%	2.7%	-10.9%	6.9%	6.2%
Return on invested capital	7.9%	13.1%	11.4%	11.2%	1.1%	-2.4%	5.7%	5.2%
Return on assets	23.1%	13.3%	9.1%	10.5%	1.4%	-5.7%	3.8%	3.4%
Free cash flow yield	-1.3%	2.6%	3.5%	7.0%	5.5%	0.6%	11.0%	2.9%
Earnings yield	21.7%	4.1%	3.1%	6.8%	1.0%	-5.8%	4.3%	1.7%
Enterprise value	₹18.7B	₹28.6B	₹24.7B	₹12.8B	₹11.4B	₹9B	₹8.5B	₹16.5B
Net debt / EBITDA	-0.13×	-0.17×	0.27×	0.69×	3.4×	455.74×	2.68×	2.58×
Cash conversion cycle (days)	-108	-172	-123	-59	-90	-202	-39	-58