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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
-248.2%
-₹6.49
vs ₹4.38 price
Levered DCF
-₹18.40
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.59
Grey zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.18×315.85×421.33×152.93×543.94×249.74×407.95×450.16×
P/B1.07×4.14×16.99×8.99×12.07×14.96×14.97×15.9×
P/S0.4×1.78×4.88×2.4×3.37×4.09×3.94×4.85×
EV / EBITDA9.46×39.62×112.59×62.5×103.64×79.2×101.85×85.04×
Gross margin8.6%2.8%4.2%2.4%2.8%5.2%2.9%1.7%
Operating margin4.6%-1.5%-0.2%0.4%-0.3%1.5%-0.0%-0.3%
Net margin2.5%0.6%0.9%1.6%0.6%1.6%1.0%1.1%
Current ratio2.35×2.53×2.23×2.4×3.56×2.15×2.43×3.7×
Debt / equity0.67×0.66×0.83×0.71×0.85×1.12×1.03×1.04×
Interest coverage1.52×-0.41×-0.07×0.23×-0.15×0.53×-0.02×-0.07×
Dividend yield0.0%0.0%0.0%0.0%0.1%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%56.9%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity6.6%1.3%3.3%5.9%2.2%6.0%3.7%3.5%
Return on invested capital5.1%-1.4%-0.3%0.7%-0.4%1.7%-0.1%-0.3%
Return on assets3.0%0.6%1.4%2.6%1.0%2.1%1.5%1.5%
Free cash flow yield-7.3%-9.8%0.9%-4.3%-2.0%-0.7%-1.9%0.2%
Earnings yield6.2%0.3%0.2%0.7%0.2%0.4%0.2%0.2%
Enterprise value₹877.9M₹2.2B₹5.8B₹3B₹2.8B₹2.6B₹2.6B₹2.6B
Net debt / EBITDA3.63×5.29×5.11×4.38×6.48×5.24×6.29×5.07×
Cash conversion cycle (days)96130122799210498102