TeamLease Services Limited (TEAMLEASE.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

+450.8%

₹5,964.45

vs ₹1,082.80 price

Levered DCF

₹17,226.62

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	13.55×	28.61×	42.22×	34.37×	192.93×	83.11×	79.53×	53.36×
P/B	1.81×	3.43×	5.93×	4.74×	10.69×	9.88×	4.86×	9.7×
P/S	0.16×	0.28×	0.51×	0.49×	1.14×	1.32×	0.53×	1.18×
EV / EBITDA	7.73×	22.1×	25.88×	23.05×	80.78×	47.65×	22.97×	46.19×
Gross margin	2.1%	2.5%	3.4%	3.8%	10.5%	10.6%	11.3%	10.7%
Operating margin	0.9%	0.8%	3.3%	0.9%	1.6%	1.4%	2.0%	2.3%
Net margin	1.2%	1.0%	1.2%	1.4%	0.6%	1.6%	0.7%	2.2%
Current ratio	1.45×	1.31×	1.31×	1.45×	1.43×	1.52×	0.99×	1.15×
Debt / equity	0.11×	0.13×	0.13×	0.12×	0.09×	0.04×	0.22×	0.02×
Interest coverage	7.04×	5.86×	30.12×	12.48×	25.61×	9.69×	8.54×	19.91×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.4%	12.0%	14.1%	13.8%	5.5%	11.9%	6.1%	18.2%
Return on invested capital	6.1%	7.1%	27.9%	6.6%	9.9%	7.7%	5.7%	17.7%
Return on assets	5.0%	5.1%	5.8%	6.3%	2.5%	5.9%	2.8%	9.0%
Free cash flow yield	16.4%	2.4%	2.1%	2.8%	-0.3%	4.5%	-0.2%	-0.5%
Earnings yield	7.4%	3.5%	2.4%	2.9%	0.5%	1.2%	1.3%	1.9%
Enterprise value	₹17.1B	₹30.5B	₹46.7B	₹37.8B	₹73B	₹62.1B	₹28.4B	₹51.8B
Net debt / EBITDA	-0.84×	-0.44×	-0.35×	-0.3×	-1.29×	-1.81×	0.51×	-0.45×
Cash conversion cycle (days)	22	21	24	22	36	33	32	31