T.T. Limited (TTL.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

+16.9%

₹7.30

vs ₹6.25 price

Levered DCF

-₹0.58

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

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	838×	70.26×	48×	-11.51×	14.49×	-12.54×	-47.63×	744.68×
P/B	1.95×	3.19×	3.16×	2.17×	2.66×	1.39×	0.81×	1.58×
P/S	1.27×	1.34×	1.08×	0.72×	0.54×	0.24×	0.14×	0.23×
EV / EBITDA	29.82×	140.43×	18.12×	25.95×	9.65×	24.25×	9.42×	10.26×
Gross margin	27.7%	27.4%	33.9%	32.9%	26.3%	27.9%	26.9%	22.4%
Operating margin	4.6%	0.6%	7.3%	3.3%	9.1%	7.4%	5.8%	5.3%
Net margin	0.2%	1.9%	2.2%	-6.2%	3.7%	-1.9%	-0.3%	0.0%
Current ratio	2×	1.83×	1.5×	1.28×	1.59×	1.53×	0.9×	0.95×
Debt / equity	0.64×	0.99×	1.8×	2.22×	2.15×	3.73×	3.66×	3.63×
Interest coverage	1.13×	0.14×	0.96×	0.39×	1.67×	1.03×	0.74×	0.94×
Dividend yield	0.5%	0.0%	0.0%	0.0%	1.0%	0.0%	0.0%	0.0%
Payout ratio	444.0%	0.0%	0.0%	0.0%	14.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.2%	4.5%	6.5%	-18.9%	18.2%	-11.1%	-1.7%	0.2%
Return on invested capital	0.4%	0.3%	7.7%	3.1%	13.9%	2.8%	1.2%	7.2%
Return on assets	0.1%	2.0%	2.0%	-5.4%	5.3%	-2.1%	-0.3%	0.0%
Free cash flow yield	-10.5%	-5.3%	9.5%	15.0%	18.7%	42.1%	56.5%	3.8%
Earnings yield	0.1%	1.4%	2.0%	-8.7%	6.9%	-8.0%	-2.1%	0.1%
Enterprise value	₹3.2B	₹3.8B	₹3.6B	₹3B	₹3.8B	₹3.5B	₹3.3B	₹4B
Net debt / EBITDA	7.3×	33.12×	6.56×	13.11×	4.31×	17.66×	7.7×	7.15×
Cash conversion cycle (days)	268	203	260	279	145	148	135	106