Union Bank of India (UNIONBANK.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

-18.1%

₹150.84

vs ₹184.22 price

Levered DCF

₹112.45

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.23

Distress zone

Rating

Overall 4 / 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	6.45×	5.28×	8.19×	5.35×	4.98×	7.62×	-5.92×	-21.23×
P/B	1.01×	0.79×	1.16×	0.58×	0.37×	0.34×	0.54×	2.31×
P/S	1.07×	0.69×	0.95×	0.48×	0.32×	0.26×	0.43×	1.56×
EV / EBITDA	4.58×	0.94×	0.9×	-0.38×	-9.41×	-6.84×	-4.41×	-15.3×
Gross margin	43.1%	45.6%	46.5%	49.5%	50.9%	47.0%	39.8%	39.9%
Operating margin	19.7%	18.1%	18.2%	12.8%	6.4%	3.3%	-9.9%	-9.9%
Net margin	15.4%	13.9%	11.6%	8.9%	6.4%	3.4%	-7.3%	-7.4%
Current ratio	0×	0.11×	0.1×	0.47×	0.12×	0.1×	19.79×	207.15×
Debt / equity	0.58×	0.57×	0.28×	0.79×	0.52×	0.58×	1.58×	1.32×
Interest coverage	0.36×	0.33×	0.34×	0.25×	0.13×	0.06×	-0.16×	-0.16×
Dividend yield	2.7%	3.1%	1.8%	2.9%	0.0%	0.0%	0.0%	0.0%
Payout ratio	18.7%	15.2%	14.9%	15.3%	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	14.6%	15.8%	14.1%	10.8%	7.4%	4.4%	-9.2%	-10.9%
Return on invested capital	1.2%	7.7%	8.0%	150.5%	1.3%	1.8%	-7.8%	-0.6%
Return on assets	1.2%	1.2%	1.0%	0.7%	0.4%	0.3%	-0.6%	-0.6%
Free cash flow yield	2.9%	17.6%	26.2%	6.7%	135.8%	-161.6%	-43.7%	-13.1%
Earnings yield	14.4%	20.1%	12.2%	18.7%	20.1%	13.1%	-16.9%	-4.7%
Enterprise value	₹1.2T	₹231.9B	₹202.6B	-₹49.7B	-₹565.1B	-₹251.5B	₹168.3B	₹542.9B
Net debt / EBITDA	-0.72×	-2.71×	-4.12×	-3.89×	-13.78×	-12.79×	0.43×	2.17×
Cash conversion cycle (days)	0	-23	-8	-975	-4	19	-4,801	37