TPL Plastech Limited (TPLPLASTEH.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

-28.9%

₹46.34

vs ₹65.21 price

Levered DCF

₹60.62

After debt service

Piotroski score

6 / 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	13.81×	25.75×	27.3×	13.88×	13.74×	14.91×	4.55×	9.58×
P/B	2.38×	4.12×	4.15×	1.93×	1.79×	1.3×	0.57×	1.39×
P/S	0.95×	1.74×	1.73×	0.82×	0.8×	0.7×	0.23×	0.49×
EV / EBITDA	8.72×	16.06×	15.56×	8.28×	7.39×	7.38×	3.63×	6.57×
Gross margin	15.9%	20.5%	16.1%	16.0%	16.8%	18.1%	17.1%	16.9%
Operating margin	10.0%	17.9%	13.2%	8.9%	9.7%	9.7%	9.6%	9.7%
Net margin	6.9%	6.8%	6.3%	5.9%	5.8%	4.7%	5.0%	5.1%
Current ratio	1.98×	1.79×	1.83×	1.81×	1.54×	1.45×	1.26×	1.18×
Debt / equity	0.12×	0.31×	0.24×	0.39×	0.2×	0.31×	0.45×	0.74×
Interest coverage	8.22×	12.43×	7.24×	3.77×	3.77×	2.72×	3.26×	3.39×
Dividend yield	1.9%	1.0%	0.9%	1.4%	1.5%	2.3%	6.7%	3.0%
Payout ratio	26.8%	26.4%	23.6%	19.5%	20.5%	34.1%	30.6%	28.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.2%	16.0%	15.2%	13.9%	13.0%	8.7%	12.4%	14.4%
Return on invested capital	16.7%	24.3%	19.2%	11.2%	12.7%	9.2%	11.1%	10.9%
Return on assets	11.4%	9.6%	8.6%	7.1%	6.4%	4.2%	5.4%	5.5%
Free cash flow yield	7.8%	-1.3%	2.5%	-8.6%	9.5%	13.9%	58.6%	-0.9%
Earnings yield	7.2%	3.9%	3.7%	7.2%	7.3%	6.7%	21.9%	10.4%
Enterprise value	₹4.2B	₹6.5B	₹5.7B	₹2.7B	₹2B	₹1.5B	₹860.9M	₹1.7B
Net debt / EBITDA	0.41×	1.11×	0.85×	1.39×	0.73×	1.41×	1.57×	2.25×
Cash conversion cycle (days)	74	95	88	103	70	85	84	93