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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
-21.4%
₹1,073.51
vs ₹1,366.30 price
Levered DCF
₹848.25
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
12.71
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E47.08×63.11×58.38×47.24×76.06×102.84×52.16×55.66×
P/B9.66×12.32×11.54×8.95×12.72×9.58×9.22×12.61×
P/S6.94×8.31×7.3×5.09×6.53×4.87×3.71×4.2×
EV / EBITDA31.87×39.49×36.87×32.26×43×39.37×22.16×28.45×
Gross margin39.1%46.0%45.4%41.4%43.9%43.4%58.0%62.0%
Operating margin16.0%16.3%15.3%10.8%13.5%9.3%13.8%12.7%
Net margin14.7%13.2%12.5%10.8%8.6%4.7%7.1%7.5%
Current ratio2.05×1.95×1.89×1.72×1.35×1.11×0.98×1.01×
Debt / equity0.05×0.06×0.04×0.03×0.12×0.25×0.69×0.93×
Interest coverage12.64×22.02×22.72×10.91×14.82×4.02×6.04×4.97×
Dividend yield1.5%0.4%0.3%0.0%0.0%0.0%0.0%0.0%
Payout ratio68.7%22.4%20.2%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity20.5%19.5%19.8%19.0%16.7%9.3%17.7%22.7%
Return on invested capital16.3%16.7%17.5%16.0%17.6%9.8%10.9%13.2%
Return on assets12.7%11.9%12.5%11.6%9.3%4.5%7.4%7.7%
Free cash flow yield1.6%1.8%1.2%0.9%1.3%4.2%1.7%2.0%
Earnings yield2.1%1.6%1.7%2.1%1.3%1.0%1.9%1.8%
Enterprise value₹849.6B₹990B₹814.1B₹537.4B₹635.7B₹404.2B₹368.8B₹416.3B
Net debt / EBITDA-0.59×-0.34×-0.36×0.04×0.37×0.93×1.5×1.82×
Cash conversion cycle (days)119109107115130151161161