Tokyo Finance Limited (TOKYOFIN.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

-42.0%

₹10.67

vs ₹18.40 price

Levered DCF

-₹19.93

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

19.22

Safe zone

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	80.16×	98.76×	12.73×	65.33×	244.05×	-2.1×	14.85×	4.71×
P/B	1.17×	1.95×	1.22×	0.8×	0.66×	0.65×	0.53×	0.42×
P/S	16.33×	27.31×	17.8×	11.69×	11.74×	26.01×	14.24×	5.86×
EV / EBITDA	80.08×	99.8×	10.95×	42.58×	116.64×	-0.9×	10.74×	4.49×
Gross margin	99.7%	57.9%	58.6%	46.2%	46.9%	0.8%	48.4%	41.0%
Operating margin	20.4%	28.4%	39.8%	20.6%	5.6%	61.8%	137.0%	-2.9%
Net margin	20.4%	27.7%	139.5%	17.7%	4.8%	-1241.1%	96.3%	124.2%
Current ratio	705.15×	226.68×	543.19×	14.49×	14.3×	13.9×	15.49×	3.7×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	586.5×	1,551×	239.67×	63.6×	55.5×	2,245.1×	-81.48×
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	1.5%	2.0%	9.6%	1.2%	0.3%	-31.2%	3.6%	9.0%
Return on invested capital	1.4%	2.0%	2.6%	1.2%	0.3%	1.5%	3.7%	-0.2%
Return on assets	1.4%	1.9%	9.4%	1.1%	0.2%	-28.6%	3.3%	6.5%
Free cash flow yield	-0.0%	-6.5%	-3.1%	-23.0%	-5.0%	57.1%	56.3%	65.3%
Earnings yield	1.2%	1.0%	7.8%	1.5%	0.4%	-47.7%	6.8%	21.2%
Enterprise value	₹137.2M	₹225.3M	₹123.9M	₹65.5M	₹40.6M	₹27.8M	₹69.6M	₹53.7M
Net debt / EBITDA	-0.08×	-0.09×	-1.32×	-10.48×	-75.68×	1.24×	-0.08×	-0.02×
Cash conversion cycle (days)	-2,854	-7	4,630	0	-2	-8	-13	-2,635