TVS Holdings Limited (TVSHLTD.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

-1031.4%

-₹114,596.96

vs ₹12,304.00 price

Levered DCF

-₹213,601.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.16

Grey zone

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	16.65×	15.34×	22.09×	9.31×	13.02×	15.27×	7.1×	10.88×
P/B	4.37×	3.74×	5.95×	1.87×	1.13×	1.7×	0.97×	1.9×
P/S	0.49×	0.45×	0.49×	0.2×	0.22×	0.24×	0.12×	0.22×
EV / EBITDA	6.67×	67.64×	57.22×	56.66×	6.91×	6.64×	5.57×	6.13×
Gross margin	29.3%	29.3%	27.9%	27.1%	34.2%	34.2%	35.4%	32.1%
Operating margin	13.3%	15.2%	14.1%	13.6%	22.6%	21.6%	22.3%	20.5%
Net margin	2.9%	3.0%	2.3%	2.2%	1.7%	1.6%	1.7%	2.0%
Current ratio	1.06×	1.21×	1.72×	1.35×	1.09×	0.97×	0.97×	1.01×
Debt / equity	5.78×	7.15×	6.62×	7.96×	3.27×	4.43×	5×	4.05×
Interest coverage	2.96×	2.65×	2.39×	2.84×	5.88×	4.62×	5×	6.2×
Dividend yield	1.6%	2.4%	2.3%	4.5%	1.5%	1.5%	7.0%	3.8%
Payout ratio	27.0%	36.5%	47.6%	41.8%	19.3%	22.5%	49.6%	41.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	26.2%	24.8%	28.2%	20.0%	8.7%	11.1%	13.7%	17.5%
Return on invested capital	8.5%	7.7%	5.6%	5.0%	16.4%	16.8%	19.6%	20.5%
Return on assets	2.6%	2.1%	1.8%	1.6%	1.4%	1.4%	1.6%	2.3%
Free cash flow yield	-8.5%	6.0%	-11.8%	-97.0%	-45.6%	3.0%	-32.4%	-46.8%
Earnings yield	6.0%	6.6%	4.7%	10.7%	7.7%	6.5%	14.1%	9.2%
Enterprise value	₹609.8B	₹463.3B	₹328.8B	₹279.3B	₹207.2B	₹161B	₹135.7B	₹145.5B
Net debt / EBITDA	3.58×	42.06×	27.8×	44.4×	5×	4.6×	4.59×	4.15×
Cash conversion cycle (days)	-50	-53	-33	217	101	61	88	76