United Credit Ltd (UNITDCR.BO) 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

+32.5%

₹25.83

vs ₹19.50 price

Levered DCF

₹0.23

After debt service

Piotroski score

3 / 9

Weak

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	12.08×	17.68×	6.75×	9.61×	9.4×	6.69×	9.58×	4.58×
P/B	0.34×	0.6×	0.38×	0.25×	0.27×	0.23×	0.34×	0.39×
P/S	3.22×	5.3×	3.3×	2.43×	2.62×	2.19×	3.01×	-569.38×
EV / EBITDA	8.25×	16.94×	6.33×	7.24×	5.24×	4.91×	7.3×	-5.9×
Gross margin	91.2%	75.7%	82.0%	78.9%	79.0%	77.9%	79.8%	3115.8%
Operating margin	33.9%	28.5%	46.3%	30.3%	48.6%	42.6%	39.7%	9665.5%
Net margin	26.6%	30.0%	48.9%	25.3%	27.8%	32.8%	31.4%	-12425.7%
Current ratio	0×	127.76×	138.64×	42.51×	64.74×	65.94×	84.93×	86.81×
Debt / equity	0.01×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	7,749.5×	2,892×	0×	2,620.24×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.3%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	41.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.8%	3.4%	5.6%	2.6%	2.8%	3.4%	3.6%	8.5%
Return on invested capital	2.7%	2.5%	4.1%	2.6%	2.8%	3.1%	3.2%	-3.6%
Return on assets	2.7%	3.3%	5.5%	2.5%	2.7%	3.3%	3.3%	7.9%
Free cash flow yield	-5.1%	-3.5%	4.5%	1.3%	5.7%	16.0%	3.3%	-25.9%
Earnings yield	8.3%	5.7%	14.8%	10.4%	10.6%	15.0%	10.4%	21.8%
Enterprise value	₹100.6M	₹175M	₹102.4M	₹66.8M	₹70M	₹57.1M	₹85M	₹93.5M
Net debt / EBITDA	-0.24×	-0.38×	-0.5×	-0.31×	-0.08×	-0.12×	-0.06×	0.15×
Cash conversion cycle (days)	7	2,065	2,022	102	118	105	2,024	-319,897