TBO Tek Ltd. (TBOTEK.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

+193.0%

₹4,623.49

vs ₹1,578.10 price

Levered DCF

₹6,157.21

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	46.22×	55.14×	75.53×	105.9×	452.19×	-418.54×	368.14×	542.97×
P/B	7.28×	10.61×	28.03×	44.88×	65.85×	69.95×	59.4×	88.7×
P/S	4.22×	7.3×	11.92×	15.54×	34.96×	100.67×	37.65×	32.38×
EV / EBITDA	25.44×	33.21×	53.81×	71.77×	228.48×	-324.45×	244.86×	268.21×
Gross margin	38.9%	33.3%	63.3%	66.2%	63.7%	7.7%	19.4%	25.5%
Operating margin	11.2%	17.1%	20.0%	19.5%	9.2%	-38.3%	12.1%	29.0%
Net margin	9.1%	13.2%	15.8%	14.7%	7.7%	-24.1%	10.2%	6.0%
Current ratio	1.08×	1.2×	1.1×	1.12×	1.2×	1.51×	1.45×	1.22×
Debt / equity	0.49×	0.18×	0.39×	0.21×	0.27×	0.04×	0.07×	0.13×
Interest coverage	6.88×	9.1×	24.04×	26.71×	11.34×	-25.28×	21.6×	26.63×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.8%	19.2%	37.1%	42.4%	14.5%	-16.7%	16.1%	16.4%
Return on invested capital	10.6%	17.4%	27.8%	38.9%	9.7%	-24.1%	12.0%	49.9%
Return on assets	2.6%	3.7%	4.2%	5.6%	2.7%	-5.9%	4.9%	3.2%
Free cash flow yield	-0.3%	2.4%	1.2%	1.5%	1.2%	0.4%	-0.0%	0.7%
Earnings yield	2.2%	1.8%	1.3%	0.9%	0.2%	-0.2%	0.3%	0.2%
Enterprise value	₹107.7B	₹119.3B	₹147.3B	₹147.8B	₹149.1B	₹140.1B	₹140.4B	₹140.3B
Net debt / EBITDA	-1.23×	-2.08×	-1.98×	-2.39×	-5.54×	6.03×	-4.11×	-4.75×
Cash conversion cycle (days)	-485	-501	-1,835	-1,383	-1,229	-173	-49	-242