Trident Limited (TRIDENT.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

-8.5%

₹21.43

vs ₹23.42 price

Levered DCF

₹21.39

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

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	30.42×	34.67×	56.74×	31.76×	31.95×	23.03×	6.25×	9.52×
P/B	2.4×	2.76×	4.57×	3.34×	6.94×	2.11×	0.7×	1.2×
P/S	1.71×	1.82×	2.89×	2.21×	3.81×	1.55×	0.45×	0.68×
EV / EBITDA	13.95×	15.87×	23.45×	16.21×	18.66×	10.34×	4.56×	5.7×
Gross margin	31.1%	47.8%	48.5%	46.0%	51.7%	54.9%	54.0%	53.6%
Operating margin	8.5%	34.1%	34.6%	35.1%	41.6%	41.3%	41.0%	42.2%
Net margin	5.6%	5.3%	5.1%	7.0%	11.9%	6.7%	7.2%	7.1%
Current ratio	1.57×	2.01×	1.58×	1.4×	1.27×	0.99×	1.03×	1.12×
Debt / equity	0.38×	0.35×	0.49×	0.34×	0.42×	0.47×	0.66×	0.82×
Interest coverage	5.02×	13.03×	15.07×	24.79×	31.68×	20.92×	10.69×	9.55×
Dividend yield	2.2%	1.4%	0.9%	1.3%	1.3%	0.0%	12.0%	4.7%
Payout ratio	67.4%	49.0%	51.8%	40.9%	43.2%	0.0%	74.5%	44.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.9%	8.0%	8.1%	10.5%	21.7%	9.1%	11.2%	12.5%
Return on invested capital	6.0%	28.5%	25.6%	28.5%	37.9%	27.4%	29.2%	25.7%
Return on assets	5.0%	5.2%	4.6%	6.5%	12.8%	5.3%	5.9%	6.0%
Free cash flow yield	3.4%	5.6%	-1.8%	4.6%	2.0%	2.4%	49.6%	15.4%
Earnings yield	3.3%	2.9%	1.8%	3.1%	3.1%	4.3%	16.1%	10.5%
Enterprise value	₹132.7B	₹142.9B	₹218B	₹153.2B	₹280B	₹84.8B	₹37.9B	₹59.8B
Net debt / EBITDA	1.89×	1.71×	2.26×	1.39×	0.88×	1.78×	2.01×	2.31×
Cash conversion cycle (days)	81	106	117	87	124	171	149	178