TGV SRAAC Limited (TGVSL.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

-64.4%

₹39.44

vs ₹110.70 price

Levered DCF

₹128.64

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	6.44×	11.46×	15.54×	2.89×	6.26×	8.92×	2.44×	5.72×
P/B	0.65×	0.9×	0.86×	1×	1.13×	0.42×	0.21×	0.82×
P/S	0.44×	0.6×	0.61×	0.45×	0.55×	0.26×	0.11×	0.33×
EV / EBITDA	3.25×	5.76×	6.63×	2.3×	4.2×	4.58×	3.3×	3.04×
Gross margin	30.6%	25.1%	26.5%	36.4%	35.1%	29.1%	29.9%	34.0%
Operating margin	9.5%	7.8%	6.3%	20.6%	17.1%	8.7%	10.1%	15.2%
Net margin	6.8%	5.3%	3.9%	15.6%	8.8%	2.9%	4.6%	5.7%
Current ratio	1.09×	1.14×	1.1×	1.44×	1.14×	1.03×	1.02×	1.01×
Debt / equity	0.27×	0.3×	0.29×	0.22×	0.62×	0.82×	0.78×	0.69×
Interest coverage	7.87×	5.36×	3.85×	15.73×	5.17×	1.89×	2.34×	2.58×
Dividend yield	1.3%	1.0%	1.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	8.1%	11.6%	17.6%	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	10.2%	7.8%	5.5%	34.6%	18.0%	4.7%	8.8%	14.3%
Return on invested capital	7.6%	5.9%	4.5%	27.0%	12.0%	4.2%	6.9%	14.2%
Return on assets	6.2%	4.7%	3.4%	21.5%	8.4%	2.0%	3.7%	6.2%
Free cash flow yield	0.1%	3.8%	-8.7%	24.7%	3.6%	2.5%	-30.3%	28.8%
Earnings yield	15.5%	8.7%	6.4%	34.6%	16.0%	11.2%	41.0%	17.5%
Enterprise value	₹11.9B	₹13.8B	₹12.5B	₹12.6B	₹12.9B	₹7.2B	₹5.3B	₹7.1B
Net debt / EBITDA	0.94×	1.35×	1.63×	0.39×	1.45×	2.95×	2.58×	1.37×
Cash conversion cycle (days)	53	64	92	68	90	90	98	77