Tanla Platforms Limited (TANLA.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

+62.4%

₹1,078.93

vs ₹664.45 price

Levered DCF

₹1,030.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.69

Safe zone

Rating

S-

Overall 5 / 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	9.84×	12.72×	20.64×	15.71×	38.37×	32.2×	-3.28×	14.61×
P/B	2.01×	2.85×	5.83×	4.64×	15.28×	12.84×	0.99×	0.6×
P/S	1.13×	1.61×	2.88×	2.1×	6.45×	4.9×	0.36×	0.43×
EV / EBITDA	5.53×	8.18×	13.96×	10.63×	27.72×	23.94×	3.58×	3.2×
Gross margin	17.0%	19.9%	19.8%	21.0%	24.4%	21.0%	14.5%	12.0%
Operating margin	13.6%	19.9%	17.0%	16.7%	20.7%	17.0%	5.8%	3.0%
Net margin	11.5%	12.6%	14.0%	13.3%	16.8%	15.2%	-10.9%	3.0%
Current ratio	2.3×	2.31×	2.03×	2.12×	1.93×	1.8×	1.61×	1.99×
Debt / equity	0.02×	0.03×	0.04×	0.05×	0.04×	0×	0.01×	0.08×
Interest coverage	136.98×	134.11×	76.28×	159.42×	215.74×	175.69×	15.1×	60.11×
Dividend yield	3.2%	2.5%	1.2%	1.5%	0.1%	0.1%	0.9%	0.9%
Payout ratio	31.5%	31.8%	24.5%	24.3%	2.5%	3.8%	-2.9%	13.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.5%	22.4%	28.2%	29.5%	39.8%	39.9%	-30.1%	4.1%
Return on invested capital	19.0%	27.7%	26.5%	27.6%	37.2%	37.8%	14.0%	3.4%
Return on assets	13.6%	15.2%	18.2%	18.6%	22.5%	22.1%	-17.6%	2.7%
Free cash flow yield	11.2%	8.0%	3.8%	1.3%	2.1%	4.6%	14.7%	-7.0%
Earnings yield	10.2%	7.8%	4.8%	6.4%	2.6%	3.1%	-30.5%	6.8%
Enterprise value	₹40B	₹56.5B	₹108.5B	₹65.5B	₹199B	₹109.3B	₹5.3B	₹3.4B
Net debt / EBITDA	-1.4×	-1.18×	-0.6×	-0.78×	-1.1×	-1.17×	-1.13×	-0.85×
Cash conversion cycle (days)	14	58	64	36	72	4	-79	42