Tube Investments of India Limited (TIINDIA.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

-26.6%

₹1,615.15

vs ₹2,199.20 price

Levered DCF

₹2,047.63

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	76.49×	77.35×	107.39×	62.31×	42.04×	82.07×	16.79×	30.25×
P/B	6.28×	9.42×	14.12×	12.44×	10.2×	9.77×	2.97×	4.93×
P/S	2.13×	2.76×	4.41×	3.4×	2.61×	3.87×	1.14×	1.33×
EV / EBITDA	18.99×	26.4×	36.94×	25.96×	21.67×	36.98×	9.25×	13.83×
Gross margin	21.6%	31.4%	31.4%	30.6%	29.6%	35.9%	38.6%	33.8%
Operating margin	7.1%	20.8%	21.3%	21.8%	20.5%	22.8%	24.8%	21.6%
Net margin	2.8%	3.6%	7.4%	6.6%	6.4%	4.7%	6.8%	4.4%
Current ratio	1.87×	1.8×	1.6×	1.24×	0.98×	0.89×	1.12×	1.07×
Debt / equity	0.1×	0.56×	0.41×	0.29×	0.28×	0.85×	0.24×	0.41×
Interest coverage	26×	47.72×	47.9×	54.52×	24.88×	25.69×	33.32×	21.08×
Dividend yield	0.3%	0.3%	0.1%	0.3%	0.2%	0.2%	2.1%	0.9%
Payout ratio	26.4%	24.1%	5.6%	17.7%	9.4%	15.3%	34.6%	27.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.2%	12.2%	23.6%	24.2%	25.0%	11.9%	17.7%	16.3%
Return on invested capital	6.3%	22.5%	27.3%	38.3%	45.4%	20.9%	38.9%	35.2%
Return on assets	3.0%	4.2%	9.2%	9.3%	8.6%	3.0%	9.9%	7.1%
Free cash flow yield	-0.6%	0.0%	-0.2%	2.0%	2.0%	0.5%	7.3%	4.1%
Earnings yield	1.3%	1.3%	1.7%	1.9%	2.5%	1.2%	6.0%	3.3%
Enterprise value	₹489.4B	₹532.2B	₹735.6B	₹494.4B	₹317.9B	₹240.3B	₹55.2B	₹78.5B
Net debt / EBITDA	0.09×	0.53×	0.79×	0.15×	0.31×	2.23×	0.64×	1.01×
Cash conversion cycle (days)	46	39	32	29	22	-23	29	38