Tata Technologies Limited (TATATECH.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

-58.4%

₹270.34

vs ₹649.15 price

Levered DCF

₹528.76

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

4.64

Safe 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	37.8×	41.17×	62.79×	85.43×	121.91×	222.92×	211.77×	156.68×
P/B	5.27×	7.79×	13.24×	17.83×	23.36×	24.87×	70.07×	31.46×
P/S	3.75×	5.4×	8.34×	12.08×	15.1×	22.38×	18.82×	46.57×
EV / EBITDA	22.13×	25.83×	40.14×	58.51×	75.98×	124.1×	104.95×	113.93×
Gross margin	22.4%	29.4%	28.5%	29.8%	28.1%	26.7%	41.5%	30.5%
Operating margin	12.9%	15.7%	16.4%	16.7%	15.9%	12.3%	13.1%	19.4%
Net margin	9.9%	13.1%	13.3%	14.1%	12.4%	10.0%	8.9%	16.1%
Current ratio	1.53×	1.74×	1.87×	1.92×	1.76×	2.02×	2.98×	2.76×
Debt / equity	0.24×	0.07×	0.08×	0.09×	0.11×	0.12×	0.34×	0×
Interest coverage	20.75×	41.42×	44.35×	41.03×	25.57×	16.62×	23.74×	5,744.5×
Dividend yield	2.3%	1.5%	1.2%	0.0%	0.0%	0.0%	0.3%	0.3%
Payout ratio	87.2%	61.5%	73.4%	0.0%	0.1%	0.1%	72.1%	80.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.9%	18.9%	21.1%	20.9%	19.2%	11.2%	33.1%	10.9%
Return on invested capital	9.5%	14.8%	17.4%	17.7%	16.3%	9.2%	11.1%	13.9%
Return on assets	6.1%	10.2%	12.2%	12.0%	10.3%	6.7%	9.8%	8.4%
Free cash flow yield	3.7%	2.4%	0.5%	0.6%	-0.2%	2.1%	0.4%	0.2%
Earnings yield	2.6%	2.4%	1.6%	1.2%	0.8%	0.4%	0.5%	0.3%
Enterprise value	₹208.9B	₹274.4B	₹424.2B	₹531.7B	₹527.7B	₹527.6B	₹531.9B	₹552.6B
Net debt / EBITDA	0.24×	-0.41×	-0.22×	-0.14×	-0.73×	-1.22×	-0.18×	-0.03×
Cash conversion cycle (days)	49	27	132	117	90	94	-125	100