Tirupati Starch and Chemicals Limited (TIRUSTA.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

-227.8%

-₹153.36

vs ₹120.00 price

Levered DCF

-₹344.51

After debt service

Piotroski score

2 / 9

Weak

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	18.31×	23.41×	67.68×	7.06×	5.68×	20.78×	6.75×	7.11×
P/B	1.76×	2.9×	2.77×	1.01×	1.3×	0.77×	0.36×	1.11×
P/S	0.33×	0.46×	0.49×	0.13×	0.15×	0.11×	0.03×	0.1×
EV / EBITDA	8.3×	10.85×	14.33×	5.89×	5.84×	8.16×	3.35×	4.04×
Gross margin	23.4%	19.6%	14.6%	12.7%	14.2%	10.8%	8.8%	10.5%
Operating margin	4.5%	4.4%	4.2%	4.2%	4.3%	2.0%	1.2%	2.8%
Net margin	1.8%	1.9%	0.7%	1.8%	2.6%	0.5%	0.4%	1.4%
Current ratio	0.86×	0.95×	1.29×	1.11×	1.39×	1.01×	0.64×	1.17×
Debt / equity	1.64×	2.23×	2.86×	1.93×	2.09×	1.97×	0.99×	1.12×
Interest coverage	1.59×	1.58×	1.27×	1.85×	2.31×	1.32×	1.37×	2.46×
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	9.6%	12.4%	4.1%	14.3%	22.9%	3.7%	5.3%	15.7%
Return on invested capital	6.5%	6.2%	4.2%	9.5%	10.2%	4.3%	5.2%	5.7%
Return on assets	3.1%	3.3%	1.0%	3.9%	5.2%	0.8%	0.8%	2.3%
Free cash flow yield	21.4%	7.4%	-43.6%	-6.4%	-12.7%	-191.0%	33.7%	-18.1%
Earnings yield	5.5%	4.3%	1.5%	14.2%	17.6%	4.8%	14.8%	14.0%
Enterprise value	₹2.3B	₹3.1B	₹3B	₹1.3B	₹1.2B	₹758.7M	₹292.6M	₹460.6M
Net debt / EBITDA	4×	4.71×	7.26×	3.75×	3.6×	5.87×	2.46×	2.02×
Cash conversion cycle (days)	51	65	94	25	35	11	-49	27