TCFC Finance Limited (TCFCFINQ.BO) 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

-153.0%

-₹12.05

vs ₹22.75 price

Levered DCF

-₹1.00

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.72

Safe zone

Rating

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	-13.32×	45.85×	5.7×	57.93×	7.04×	3.05×	242.72×	9.06×
P/B	0.23×	0.51×	0.64×	0.36×	0.44×	0.31×	0.25×	0.41×
P/S	-15.85×	16.73×	12.25×	6.7×	19.11×	25.33×	21.16×	34.39×
EV / EBITDA	-8×	37.77×	4.31×	38.54×	5.49×	2.8×	-20.6×	7.25×
Gross margin	186.2%	78.7%	86.8%	88.0%	71.3%	44.6%	36.5%	40.8%
Operating margin	224.3%	41.4%	283.2%	17.1%	341.7%	896.7%	-80.0%	469.8%
Net margin	119.0%	36.4%	214.9%	11.6%	271.7%	830.7%	8.7%	379.4%
Current ratio	0.39×	279.58×	28.86×	19.82×	21.66×	31.15×	216.69×	165.81×
Debt / equity	0.01×	0×	0×	0×	0×	0.01×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	3.4%	0.0%	3.6%	3.6%	0.0%	8.9%	4.5%
Payout ratio	0.0%	155.1%	0.0%	209.5%	25.5%	0.0%	2154.4%	40.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1.7%	1.1%	11.2%	0.6%	6.3%	10.2%	0.1%	4.5%
Return on invested capital	-1.7%	1.1%	7.5%	0.6%	6.2%	9.5%	0.2%	4.1%
Return on assets	-1.6%	1.1%	10.7%	0.6%	6.0%	9.9%	0.1%	4.4%
Free cash flow yield	-24.3%	-4.1%	-3.3%	-0.3%	0.9%	-4.0%	3.3%	2.3%
Earnings yield	-7.5%	2.2%	17.5%	1.7%	14.2%	32.8%	0.4%	11.0%
Enterprise value	₹248.5M	₹558.1M	₹698.5M	₹345.7M	₹427.9M	₹289.4M	₹160.1M	₹347.4M
Net debt / EBITDA	-0.22×	-0.03×	-0.01×	-0.05×	-0.08×	-0.02×	6.84×	-0.02×
Cash conversion cycle (days)	-79	7	41,788	41,418	51,398	48,464	39,873	47,121