The Investment Trust of India Limited (THEINVEST.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

+30.6%

₹116.85

vs ₹89.50 price

Levered DCF

-₹50.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	15.82×	15.29×	37.75×	30.39×	361.29×	31.3×	-70.78×	25.99×
P/B	0.65×	0.92×	1.06×	0.55×	0.96×	0.78×	0.63×	1.58×
P/S	1.58×	1.92×	2.57×	1.2×	1.87×	1.61×	0.85×	1.49×
EV / EBITDA	5.36×	7.35×	13.56×	8.9×	10.62×	8.44×	10.48×	9×
Gross margin	81.1%	54.1%	41.9%	27.0%	28.4%	38.7%	33.9%	34.5%
Operating margin	9.2%	25.6%	15.0%	6.0%	10.4%	28.5%	16.4%	26.8%
Net margin	10.0%	12.6%	6.8%	3.9%	0.5%	5.1%	-1.2%	5.7%
Current ratio	10.25×	1.6×	1.95×	2.09×	1.86×	1.62×	1.41×	1.08×
Debt / equity	0.08×	0.54×	0.57×	0.31×	0.25×	0.47×	0.67×	1.1×
Interest coverage	0.75×	2.54×	1.65×	1.31×	1.17×	2.08×	1.19×	1.53×
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	4.1%	6.0%	2.8%	1.8%	0.3%	2.5%	-0.9%	6.1%
Return on invested capital	2.1%	5.2%	2.1%	1.1%	0.5%	5.8%	7.2%	12.9%
Return on assets	3.0%	2.8%	1.4%	1.0%	0.2%	1.3%	-0.4%	2.1%
Free cash flow yield	-40.9%	18.3%	-30.8%	-31.1%	51.3%	52.5%	85.1%	15.4%
Earnings yield	6.3%	6.5%	2.6%	3.3%	0.3%	3.2%	-1.4%	3.8%
Enterprise value	₹3B	₹8.2B	₹9.8B	₹4.2B	₹5.4B	₹6.3B	₹7.3B	₹15B
Net debt / EBITDA	-3.08×	1.53×	3.9×	1.48×	-0.76×	2.13×	5.18×	3.49×
Cash conversion cycle (days)	-741	-57	477	144	39	373	414	463