Valiant Laboratories Limited (VALIANTLAB.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

-219.4%

-₹147.22

vs ₹123.33 price

Levered DCF

-₹145.19

After debt service

Piotroski score

4 / 9

Average

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
P/E	-100.75×	-155.61×	1,813.91×	25.52×	26.9×	24.18×
P/B	1.06×	1.46×	2.45×	7.36×	10.35×	8.35×
P/S	1.39×	2.47×	3.18×	2.22×	2.54×	4.06×
EV / EBITDA	42.29×	608.01×	-76.69×	19.99×	18.09×	14.32×
Gross margin	11.5%	16.0%	6.4%	11.7%	17.9%	32.0%
Operating margin	0.1%	12.8%	4.0%	10.2%	13.7%	26.0%
Net margin	-1.4%	-1.6%	0.2%	8.7%	9.4%	16.8%
Current ratio	1.91×	3.23×	7.76×	2.97×	3.17×	5.41×
Debt / equity	0.15×	0.52×	0.32×	0.6×	0.86×	0.01×
Interest coverage	0.18×	101.71×	93.36×	134.63×	548.01×	26.57×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-1.1%	-0.9%	0.1%	28.9%	38.5%	34.5%
Return on invested capital	-0.4%	5.0%	-1.0%	16.0%	19.7%	34.0%
Return on assets	-0.7%	-0.5%	0.1%	13.6%	15.1%	28.8%
Free cash flow yield	-14.3%	-32.9%	-7.6%	2.5%	-0.6%	1.0%
Earnings yield	-1.0%	-0.6%	0.1%	3.9%	3.7%	4.1%
Enterprise value	₹3.7B	₹4.6B	₹6.4B	₹8B	₹8B	₹7.4B
Net debt / EBITDA	4.5×	154.58×	-7.73×	1.48×	1.38×	-0.06×
Cash conversion cycle (days)	59	75	58	54	64	-2