Tourism Finance Corporation of India Limited (TFCILTD.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

-57.3%

₹68.05

vs ₹159.22 price

Levered DCF

₹2.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.62

Safe zone

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	23.82×	15.51×	17.58×	7.28×	6.01×	6.16×	3.37×	11.22×
P/B	2.24×	1.32×	1.47×	0.63×	0.55×	0.63×	0.36×	1.31×
P/S	10.62×	6.58×	7.12×	2.84×	2.05×	1.92×	1.01×	4.38×
EV / EBITDA	25.27×	14.3×	16.93×	10.15×	8.87×	10.19×	8.63×	11.49×
Gross margin	66.0%	69.1%	67.6%	76.3%	74.8%	75.1%	80.6%	85.7%
Operating margin	56.3%	60.8%	60.4%	66.9%	68.2%	70.0%	62.5%	81.3%
Net margin	44.6%	42.5%	40.4%	38.9%	34.2%	31.2%	30.1%	39.0%
Current ratio	0×	2.08×	4.09×	2.34×	1.26×	0.81×	1.72×	1.46×
Debt / equity	0.82×	0.71×	0.9×	0.98×	1.36×	1.72×	1.92×	1.8×
Interest coverage	0×	4.36×	3.83×	3.4×	2.49×	2.27×	2.12×	2.22×
Dividend yield	0.9%	1.4%	1.4%	1.7%	1.3%	0.0%	7.8%	2.0%
Payout ratio	22.5%	22.3%	23.8%	12.3%	7.6%	0.0%	26.4%	22.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.4%	8.5%	8.4%	8.6%	9.1%	10.2%	10.8%	11.7%
Return on invested capital	5.1%	5.8%	5.3%	6.0%	6.1%	6.8%	6.3%	6.5%
Return on assets	5.1%	4.9%	4.3%	4.3%	3.8%	3.7%	3.6%	4.1%
Free cash flow yield	4.2%	4.3%	-0.4%	-21.3%	26.7%	-34.5%	74.9%	-5.6%
Earnings yield	4.2%	6.5%	5.7%	13.7%	16.6%	16.2%	29.7%	8.9%
Enterprise value	₹39.5B	₹23.3B	₹25.5B	₹15.8B	₹15.8B	₹18.4B	₹15.3B	₹22.4B
Net debt / EBITDA	6.46×	4.43×	6.28×	6.03×	5.99×	7.44×	7.09×	6.53×
Cash conversion cycle (days)	0	531	496	413	617	2	1,086	0