Tirupati Sarjan Limited (TIRSARJ.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

+255.1%

₹27.77

vs ₹7.82 price

Levered DCF

₹40.72

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	4.57×	9.04×	10.79×	9.65×	14.16×	20.26×	3.99×	10.21×
P/B	0.23×	0.52×	0.51×	0.36×	0.31×	0×	0.26×	0.89×
P/S	0.1×	0.21×	0.22×	0.19×	0.26×	0.36×	0.11×	0.3×
EV / EBITDA	5.72×	6.51×	7.01×	6.4×	5.7×	0×	6.4×	7.43×
Gross margin	8.1%	7.7%	9.4%	9.5%	17.7%	24.1%	21.2%	18.0%
Operating margin	4.1%	5.0%	8.2%	6.4%	10.6%	13.7%	11.3%	11.9%
Net margin	2.2%	2.3%	2.0%	1.9%	1.9%	1.8%	2.8%	2.9%
Current ratio	1.63×	1.62×	1.48×	1.4×	1.51×	0×	2.05×	1.82×
Debt / equity	0.43×	0.53×	0.71×	0.7×	0.62×	0×	2.14×	2.1×
Interest coverage	2.3×	2.13×	2.33×	1.28×	1.05×	1.04×	1.06×	1.43×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	22.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.0%	5.8%	4.7%	3.8%	2.2%	0.0%	6.4%	8.8%
Return on invested capital	4.5%	5.3%	6.8%	5.2%	5.5%	0.0%	5.5%	6.8%
Return on assets	2.5%	2.6%	1.8%	1.5%	1.0%	0.0%	1.4%	1.9%
Free cash flow yield	17.3%	34.0%	11.9%	10.5%	35.1%	-12.2%	76.9%	1.6%
Earnings yield	21.9%	11.0%	9.3%	10.4%	7.1%	4.9%	25.1%	9.8%
Enterprise value	₹579.1M	₹896.9M	₹992.6M	₹829M	₹703.4M	₹0	₹1.2B	₹1.4B
Net debt / EBITDA	3.58×	3.12×	4×	4.15×	3.77×	0×	5.66×	5.13×
Cash conversion cycle (days)	94	110	161	183	290	0	429	342