Tribhovandas Bhimji Zaveri Limited (TBZ.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

-22.6%

₹455.19

vs ₹587.90 price

Levered DCF

-₹155.44

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.28

Safe zone

Rating

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	3.68×	18.78×	13.58×	10.15×	22.62×	9.59×	6.26×	25.71×
P/B	0.89×	1.95×	1.23×	0.73×	0.86×	0.79×	0.28×	0.83×
P/S	0.23×	0.49×	0.32×	0.17×	0.25×	0.31×	0.07×	0.23×
EV / EBITDA	4.35×	11.57×	9.45×	8.17×	12.9×	6.53×	6.9×	26.51×
Gross margin	14.1%	14.4%	13.8%	12.6%	13.0%	17.6%	7.4%	8.8%
Operating margin	10.4%	10.8%	7.9%	4.2%	3.2%	7.7%	4.9%	4.2%
Net margin	6.3%	2.6%	2.4%	1.7%	1.1%	3.2%	1.2%	0.9%
Current ratio	1.65×	1.55×	1.66×	1.55×	1.49×	1.67×	1.39×	1.39×
Debt / equity	1.06×	1.2×	1.02×	1.03×	1.11×	0.84×	1.33×	1.25×
Interest coverage	4.83×	5.07×	3.65×	1.93×	1.45×	2×	1.44×	1.38×
Dividend yield	2.0%	0.9%	1.6%	1.6%	3.7%	0.0%	10.5%	1.5%
Payout ratio	7.4%	17.1%	21.5%	16.6%	82.7%	0.0%	65.7%	38.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.1%	10.4%	9.0%	7.2%	3.8%	8.3%	4.5%	3.2%
Return on invested capital	14.2%	13.8%	11.3%	6.9%	4.1%	7.7%	6.0%	4.5%
Return on assets	9.6%	3.9%	3.7%	2.7%	1.4%	3.6%	1.5%	1.1%
Free cash flow yield	-6.4%	-3.0%	4.1%	21.0%	-14.8%	55.4%	108.6%	4.3%
Earnings yield	27.2%	5.3%	7.4%	9.9%	4.4%	10.4%	16.0%	3.9%
Enterprise value	₹16B	₹20.5B	₹13.4B	₹9.8B	₹10.4B	₹8.5B	₹7.7B	₹10B
Net debt / EBITDA	2.33×	4.32×	4.24×	4.75×	7.22×	3.33×	5.7×	15.9×
Cash conversion cycle (days)	213	211	203	177	229	279	216	229