TSF Investments Limited (TSFINV.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

+602.9%

₹2,834.99

vs ₹403.30 price

Levered DCF

₹2,361.72

After debt service

Piotroski score

4 / 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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.37×	16.65×	8.65×	7.37×	8.85×	15.46×	8.45×	9.33×
P/B	1.24×	1.22×	0.96×	0.37×	0.4×	0.38×	0.34×	0.54×
P/S	7.47×	44.29×	17.35×	21.66×	17.94×	17.89×	6.63×	12.72×
EV / EBITDA	12.62×	57.82×	18.82×	36.66×	8.5×	83.2×	18.06×	30.42×
Gross margin	46.5%	83.0%	97.6%	95.8%	83.8%	93.2%	53.6%	99.0%
Operating margin	18.0%	82.7%	92.6%	60.0%	26.4%	23.2%	34.0%	42.1%
Net margin	52.0%	266.0%	155.1%	659.3%	295.3%	255.8%	78.5%	136.3%
Current ratio	1.08×	10.14×	562.21×	176.68×	228.12×	3.82×	15.18×	116.42×
Debt / equity	0.04×	0×	0×	0×	0.01×	0×	0×	0×
Interest coverage	7.16×	117.57×	207.77×	111.53×	25.17×	96.3×	116.43×	172.34×
Dividend yield	2.6%	3.0%	2.2%	4.1%	2.3%	0.7%	7.3%	2.1%
Payout ratio	37.9%	50.7%	24.3%	13.5%	14.0%	4.6%	61.6%	19.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	7.3%	8.6%	11.1%	6.7%	5.4%	4.0%	5.8%
Return on invested capital	2.5%	2.0%	4.5%	0.8%	0.5%	0.6%	1.6%	2.1%
Return on assets	7.7%	7.1%	8.3%	10.8%	6.5%	7.1%	3.8%	7.2%
Free cash flow yield	3.3%	2.6%	2.9%	4.7%	2.0%	1.6%	9.6%	4.5%
Earnings yield	7.0%	6.0%	8.9%	30.4%	16.5%	14.3%	11.8%	10.7%
Enterprise value	₹75.9B	₹68.6B	₹46.1B	₹17.5B	₹14.5B	₹11.3B	₹6.2B	₹12.8B
Net debt / EBITDA	0.15×	0×	0×	0.04×	0.01×	-0.83×	-0.22×	-0.06×
Cash conversion cycle (days)	-5	-11	8,078	-5,242	-5,613	25	-1,592	-1,587