Tatva Chintan Pharma Chem Limited (TATVA.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

-227.3%

-₹2,095.00

vs ₹1,645.80 price

Levered DCF

-₹1,850.52

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

8.59

Safe zone

Rating

B-

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	58.53×	289.86×	84.43×	81.34×	51.77×	88.86×	122.92×	226.02×
P/B	3.15×	2.24×	3.48×	7.19×	10.49×	27.99×	39.46×	58.28×
P/S	4.87×	4.33×	7.47×	8.73×	11.44×	16.88×	17.64×	22.51×
EV / EBITDA	26.61×	-19.19×	36.63×	56.49×	46.2×	70.57×	81.41×	131.77×
Gross margin	35.9%	16.2%	46.7%	45.1%	53.5%	42.8%	48.0%	42.9%
Operating margin	11.1%	2.4%	42.6%	33.5%	45.3%	41.9%	38.8%	33.3%
Net margin	8.3%	1.5%	8.8%	10.7%	22.1%	19.0%	14.4%	10.0%
Current ratio	1.64×	2.76×	3.74×	1.31×	2.54×	1.56×	1.51×	1.57×
Debt / equity	0.15×	0.05×	0.02×	0.33×	0.25×	0.54×	0.77×	0.97×
Interest coverage	19.75×	7.02×	22.39×	16.96×	42.15×	26.58×	27.22×	17.5×
Dividend yield	0.1%	0.3%	0.2%	0.1%	0.0%	0.1%	0.0%	0.0%
Payout ratio	5.6%	81.9%	15.4%	9.7%	0.0%	7.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.4%	0.8%	4.1%	8.8%	20.3%	31.5%	32.1%	25.8%
Return on invested capital	4.6%	0.9%	13.5%	20.6%	30.5%	38.2%	38.0%	32.1%
Return on assets	4.2%	0.7%	3.7%	6.0%	14.6%	16.6%	15.2%	11.0%
Free cash flow yield	-3.4%	-3.1%	-1.2%	-4.7%	-1.4%	-0.0%	-0.5%	-0.1%
Earnings yield	1.7%	0.3%	1.2%	1.2%	1.9%	1.1%	0.8%	0.4%
Enterprise value	₹25.7B	₹16.8B	₹25.4B	₹38.4B	₹50.2B	₹47.3B	₹47.3B	₹47.1B
Net debt / EBITDA	1.15×	-0.29×	-0.3×	2.1×	0.52×	1.28×	1.39×	1.74×
Cash conversion cycle (days)	241	194	292	280	279	177	171	120