Vardhman Polytex Limited (VARDMNPOLY.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

-151.6%

-₹2.43

vs ₹4.70 price

Levered DCF

-₹17.50

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	38.06×	21.29×	-6.22×	36.72×	-3.04×	-0.67×	0.07×	-0.27×
P/B	-1.48×	-1.39×	-0.46×	-0.15×	-0.13×	-0.11×	-0.03×	-0.05×
P/S	1.24×	1.11×	0.45×	0.09×	0.05×	0.08×	0.01×	0.02×
EV / EBITDA	46.59×	9.63×	-18.66×	7.48×	9.25×	32.77×	2.81×	107.63×
Gross margin	8.0%	6.4%	11.0%	12.6%	24.9%	25.7%	-0.4%	21.6%
Operating margin	3.2%	1.0%	-14.1%	-7.8%	4.9%	1.2%	-2.3%	-1.8%
Net margin	3.2%	5.2%	-7.2%	0.2%	-1.7%	-11.1%	18.2%	-9.1%
Current ratio	0.8×	0.58×	0.33×	0.11×	0.14×	0.08×	0.09×	0.08×
Debt / equity	-1.88×	-0.22×	-0.21×	-1.24×	-1.45×	-1.5×	-1.69×	-1.14×
Interest coverage	0.83×	0.21×	-15.58×	-0.9×	0.72×	0.1×	-0.21×	-0.24×
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	-3.9%	-6.6%	7.4%	-0.4%	4.3%	16.3%	-35.0%	18.9%
Return on invested capital	4.3%	2.0%	-101.0%	-54.6%	27.3%	3.4%	-6.3%	-26.2%
Return on assets	2.7%	5.4%	-9.7%	0.5%	-4.8%	-18.6%	32.6%	-22.8%
Free cash flow yield	-17.8%	-35.5%	-8.4%	71.3%	125.2%	58.3%	156.8%	678.7%
Earnings yield	2.6%	4.7%	-16.1%	2.7%	-32.8%	-148.6%	1363.6%	-375.1%
Enterprise value	₹6.6B	₹3.7B	₹2.4B	₹5B	₹5.8B	₹5.6B	₹5B	₹4.7B
Net debt / EBITDA	26.03×	1.3×	-5.81×	6.67×	8.49×	30.54×	2.77×	103.07×
Cash conversion cycle (days)	24	-59	-169	-86	-26	-48	-23	-10