Universal Starch-Chem Allied Limited (UNIVSTAR.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

+142.1%

₹486.63

vs ₹201.00 price

Levered DCF

₹99.78

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	3.62×	19.46×	10.41×	7.69×	5.11×	4.49×	12.39×	14.51×
P/B	0.57×	0.9×	1.09×	0.78×	1.12×	0.7×	0.21×	0.56×
P/S	0.1×	0.13×	0.14×	0.09×	0.13×	0.1×	0.03×	0.07×
EV / EBITDA	2.97×	6.44×	6.09×	5.64×	3.84×	4.75×	4.42×	5.31×
Gross margin	17.4%	17.8%	13.7%	9.6%	12.8%	18.0%	8.2%	8.6%
Operating margin	5.1%	2.5%	2.7%	2.4%	4.7%	5.6%	2.3%	2.6%
Net margin	2.7%	0.7%	1.3%	1.1%	2.5%	2.1%	0.3%	0.5%
Current ratio	1.03×	0.86×	0.95×	0.93×	0.98×	1.05×	0.85×	0.8×
Debt / equity	0.65×	0.94×	1.09×	1.25×	0.96×	1.55×	1.24×	1.55×
Interest coverage	3.08×	1.3×	1.75×	1.73×	2.74×	2.38×	0.9×	1.21×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	15.9%	4.6%	10.5%	10.1%	21.9%	15.5%	1.7%	3.9%
Return on invested capital	11.7%	6.0%	7.2%	6.3%	13.6%	12.6%	6.4%	3.3%
Return on assets	6.1%	1.4%	3.1%	2.9%	6.1%	3.6%	0.4%	1.0%
Free cash flow yield	14.4%	6.4%	14.0%	-20.8%	27.1%	8.4%	117.4%	-41.0%
Earnings yield	27.7%	5.1%	9.6%	13.0%	19.6%	22.3%	8.1%	6.9%
Enterprise value	₹964.2M	₹1.3B	₹1.4B	₹1.1B	₹1B	₹863.3M	₹520.1M	₹721.8M
Net debt / EBITDA	1.51×	3.29×	2.88×	3.32×	1.7×	3.18×	3.73×	3.8×
Cash conversion cycle (days)	33	19	25	19	3	18	9	16