Thirani Projects Limited (TPROJECT.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

-104.8%

-₹0.14

vs ₹2.89 price

Levered DCF

-₹0.46

After debt service

Piotroski score

—

Altman Z-score

—

Rating

D+

Overall 1 / 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	17.09×	10.68×	-1.17×	-6.15×	47.57×	-19.88×	-5.94×	-650×
P/B	0.63×	0.64×	0.64×	0.22×	0.36×	0.18×	0.02×	0.15×
P/S	8.04×	9.34×	-1.62×	5.4×	8.15×	3.93×	0.41×	2.12×
EV / EBITDA	14.89×	19.38×	-1.06×	-5.31×	27.23×	-16.25×	-4.24×	-200.96×
Gross margin	74.4%	67.8%	106.7%	71.6%	85.3%	88.4%	92.4%	96.0%
Operating margin	60.3%	47.7%	137.8%	-88.9%	72.8%	-20.6%	-6.3%	-1.0%
Net margin	46.4%	87.7%	137.7%	-87.9%	17.1%	-19.8%	-6.9%	-0.3%
Current ratio	1,851.29×	0×	2,238.4×	10,849.93×	17,118.27×	39,585.6×	389.79×	15,651.52×
Debt / equity	0.09×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	-40,383.12×	-16,850.12×	0×	-259.86×	-3,216.33×	-831.54×
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	3.7%	6.0%	-54.4%	-3.5%	0.8%	-0.9%	-0.3%	-0.0%
Return on invested capital	2.8%	2.9%	-48.2%	-3.5%	3.1%	-0.9%	-0.3%	-0.0%
Return on assets	3.0%	5.3%	-48.1%	-3.5%	0.8%	-0.9%	-0.3%	-0.0%
Free cash flow yield	0.0%	0.0%	-2.3%	-51.6%	30.5%	-1.8%	12.3%	-195.2%
Earnings yield	5.8%	9.4%	-85.2%	-16.3%	2.1%	-5.0%	-16.8%	-0.2%
Enterprise value	₹91.4M	₹78.8M	₹67.5M	₹36.3M	₹40.5M	₹28.2M	₹2.7M	₹22.6M
Net debt / EBITDA	1.57×	-0.18×	0.12×	0.83×	-18.2×	3.72×	1.7×	64.24×
Cash conversion cycle (days)	0	0	-863	4,909	3,525	4,130	4,076	0