Tarini International Limited (TARINI.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

-239.6%

-₹9.97

vs ₹7.14 price

Levered DCF

-₹33.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.66

Distress zone

Rating

B+

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	4.93×	14.57×	407.82×	4.27×	5.32×	16.03×	8.82×	-898.18×
P/B	0.3×	0.87×	0.62×	0.2×	0.27×	0.7×	0.2×	0.43×
P/S	3.49×	10.91×	6.99×	3.2×	5.3×	17.5×	15.92×	14.18×
EV / EBITDA	37.95×	54.54×	-33.06×	218.24×	201.27×	42.86×	32.11×	-34.53×
Gross margin	20.4%	3.9%	3.5%	36.6%	27.9%	6.0%	89.6%	-65.5%
Operating margin	20.4%	3.9%	-103.0%	-43.2%	-13.6%	-8.5%	-260.5%	-97.4%
Net margin	70.9%	75.2%	1.7%	74.9%	99.5%	109.6%	181.1%	-1.6%
Current ratio	1.52×	1.5×	1.54×	1.66×	1.83×	1.96×	2.05×	2.01×
Debt / equity	0.49×	0.5×	0.46×	0.4×	0.3×	0.28×	0.24×	0.29×
Interest coverage	153.32×	2.56×	-29.92×	-6.92×	-1.14×	-0.4×	-2.25×	-0.75×
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	6.0%	6.0%	0.2%	4.7%	5.1%	4.4%	2.2%	-0.0%
Return on invested capital	1.0%	0.1%	-6.2%	-1.9%	-0.5%	0.1%	-2.6%	-2.3%
Return on assets	3.9%	3.9%	0.1%	3.3%	3.7%	3.2%	1.6%	-0.0%
Free cash flow yield	0.0%	-1.0%	-10.9%	-24.2%	15.7%	-5.3%	-13.3%	5.4%
Earnings yield	20.3%	6.9%	0.2%	23.4%	18.8%	6.3%	11.4%	-0.1%
Enterprise value	₹212.2M	₹368.3M	₹284.7M	₹165M	₹157.8M	₹279.1M	₹124.8M	₹197.2M
Net debt / EBITDA	23.43×	19.42×	-13.83×	142.68×	100.63×	11.82×	17.36×	-13.19×
Cash conversion cycle (days)	241	280	380	3,274	7,945	1,487	15,563	6,882