Thakker's Developers Ltd. (THAKDEV.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

+138.4%

₹351.64

vs ₹147.50 price

Levered DCF

-₹138.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.56

Grey zone

Rating

—

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	15.85×	24.23×	-157.05×	7.63×	3.63×	10.78×	16.63×	109.52×
P/B	0.52×	1.04×	1.03×	0.85×	0.95×	1.29×	1.46×	1.61×
P/S	2.34×	4.97×	4.83×	2.68×	4.12×	4.59×	5.89×	6.69×
EV / EBITDA	9.4×	15.45×	93.02×	6.59×	3.75×	8.37×	13.29×	31.81×
Gross margin	19.4%	53.0%	39.9%	43.8%	51.1%	55.9%	68.6%	74.3%
Operating margin	5.0%	13.6%	-4.5%	41.3%	111.0%	36.0%	16.5%	12.0%
Net margin	14.7%	20.5%	-3.1%	35.1%	113.5%	42.6%	35.4%	6.1%
Current ratio	11.54×	10.44×	5.33×	6.52×	6.19×	4.2×	4.91×	5.41×
Debt / equity	0.11×	0.12×	0.22×	0.15×	0.12×	0.03×	0.32×	0.42×
Interest coverage	2.39×	2.49×	-1×	52.16×	187.21×	17.88×	2.01×	0.92×
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	3.3%	4.3%	-0.7%	11.1%	26.3%	12.0%	8.8%	1.5%
Return on invested capital	0.6%	1.7%	-0.3%	7.3%	15.8%	5.6%	1.9%	1.2%
Return on assets	2.4%	3.0%	-0.4%	7.1%	15.4%	6.5%	4.1%	0.6%
Free cash flow yield	7.3%	-10.1%	8.2%	-10.2%	-5.1%	16.4%	0.8%	23.5%
Earnings yield	6.3%	4.1%	-0.6%	13.1%	27.6%	9.3%	6.0%	0.9%
Enterprise value	₹914.8M	₹1.7B	₹1.8B	₹1.4B	₹1.4B	₹1.2B	₹1.5B	₹1.5B
Net debt / EBITDA	1.08×	1.49×	15.47×	0.92×	0.38×	-0.04×	2.34×	5.41×
Cash conversion cycle (days)	1,208	2,549	2,084	1,661	3,076	3,209	5,304	7,437