Tata Investment Corporation Limited (TATAINVEST.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

-51.9%

₹265.05

vs ₹551.05 price

Levered DCF

₹175.79

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.08

Safe zone

Rating

D+

Overall 1 / 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	63.14×	10.1×	8.62×	3.5×	3.2×	3.4×	3.71×	3.47×
P/B	0.94×	0.1×	0.11×	0.05×	0.03×	0.04×	0.04×	0.06×
P/S	67.87×	7.71×	7.36×	2.82×	2.52×	2.79×	2.77×	2.76×
EV / EBITDA	57.27×	8.5×	7.88×	4.1×	2.75×	3.08×	3.21×	3.2×
Gross margin	97.9%	100.0%	97.6%	97.4%	100.0%	100.0%	99.8%	100.0%
Operating margin	90.8%	90.1%	90.1%	86.9%	90.5%	89.1%	83.1%	87.3%
Net margin	107.5%	76.3%	85.4%	80.4%	78.8%	81.9%	74.6%	79.5%
Current ratio	0.23×	2.69×	3,863.83×	82.56×	5,849.33×	2,778.25×	639.46×	1.23×
Debt / equity	0×	0×	0×	0.01×	0×	0×	0×	0×
Interest coverage	1,259.83×	2,302.94×	37.66×	33.41×	2,690.61×	1,904.47×	383.26×	0×
Dividend yield	0.5%	4.5%	7.3%	31.5%	17.7%	18.0%	36.3%	28.2%
Payout ratio	31.5%	45.4%	63.1%	110.5%	56.7%	61.3%	134.4%	97.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.5%	1.0%	1.3%	1.3%	1.1%	1.1%	1.1%	1.7%
Return on invested capital	1.0%	0.9%	1.2%	1.2%	1.0%	1.0%	1.1%	1.4%
Return on assets	1.3%	0.9%	1.2%	1.2%	1.0%	1.0%	1.1%	1.4%
Free cash flow yield	1.0%	6.5%	7.1%	26.0%	17.8%	16.4%	34.9%	19.8%
Earnings yield	1.6%	9.9%	11.6%	28.5%	31.2%	29.4%	27.0%	28.8%
Enterprise value	₹273.7B	₹31.5B	₹32.1B	₹11.2B	₹6.8B	₹5.2B	₹3.3B	₹4.7B
Net debt / EBITDA	-0.02×	-0.02×	-0.27×	0.87×	-0.03×	-0.04×	-0.09×	0.04×
Cash conversion cycle (days)	-324	-8,167	-282	-33,882	-2,086,754	-9,396	-353,741	10