Vani Commercials Limited (VANICOM.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

-452.5%

-₹27.99

vs ₹7.94 price

Levered DCF

-₹235.60

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	68.17×	47.57×	48.33×	-42.8×	67.27×	25.58×	845×	251.67×
P/B	0.69×	0.92×	0.89×	0.96×	0.72×	0.18×	0.84×	0.75×
P/S	5.56×	3.72×	3.78×	6.67×	2.88×	1.15×	6.41×	11.97×
EV / EBITDA	51.9×	74.28×	86.16×	-48.38×	152.54×	182.83×	294.04×	116.7×
Gross margin	57.5%	67.0%	46.2%	63.7%	39.5%	39.4%	60.9%	45.0%
Operating margin	86.6%	60.8%	36.0%	64.5%	10.2%	6.6%	1.6%	8.7%
Net margin	8.2%	7.7%	7.6%	-15.9%	4.4%	4.5%	0.6%	4.3%
Current ratio	157.46×	203.5×	185.68×	78.54×	304.77×	280.69×	419.13×	0×
Debt / equity	0.58×	2.22×	3×	0.71×	3.2×	1.64×	0.99×	0×
Interest coverage	76.4×	103×	0×	0×	0×	62.67×	32.58×	427.09×
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	1.0%	1.9%	1.8%	-2.3%	1.1%	0.7%	0.1%	0.3%
Return on invested capital	3.6%	2.4%	0.8%	5.3%	0.4%	0.3%	0.0%	0.3%
Return on assets	0.6%	0.6%	0.4%	-1.3%	0.3%	0.3%	0.0%	0.3%
Free cash flow yield	-46.9%	87.1%	-266.3%	-17.4%	-221.9%	-354.9%	-121.7%	0.4%
Earnings yield	1.5%	2.1%	2.0%	-2.4%	1.5%	3.9%	0.1%	0.4%
Enterprise value	₹446.3M	₹430.8M	₹517M	₹217.2M	₹165.3M	₹74.9M	₹74.9M	₹27.8M
Net debt / EBITDA	23.36×	52.52×	66.37×	-20.4×	124.41×	164.12×	157.46×	-13.93×
Cash conversion cycle (days)	4,482	3	45	-17	5,491	4,965	4,356	527