Venky's (India) Limited (VENKEYS.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

+21.2%

₹1,894.24

vs ₹1,563.10 price

Levered DCF

₹565.59

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.31

Safe zone

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	11.84×	20.17×	28.65×	28.74×	18.32×	8.18×	-43.81×	18.41×
P/B	1.03×	1.59×	1.65×	1.56×	2.42×	1.98×	1.42×	3.64×
P/S	0.44×	0.71×	0.61×	0.48×	0.69×	0.7×	0.36×	1.05×
EV / EBITDA	7.2×	13.59×	14.88×	14.71×	11.45×	5.51×	122.24×	10.32×
Gross margin	17.0%	26.1%	6.4%	17.7%	16.4%	26.0%	14.1%	24.9%
Operating margin	4.2%	4.1%	2.5%	1.9%	4.8%	11.5%	-1.7%	9.3%
Net margin	3.7%	3.5%	2.1%	1.7%	3.7%	8.6%	-0.8%	5.7%
Current ratio	2.22×	2.53×	1.97×	2.02×	1.99×	1.74×	1.21×	1.52×
Debt / equity	0.1×	0.11×	0.13×	0.15×	0.16×	0.17×	0.37×	0.3×
Interest coverage	9.1×	8.25×	5.14×	4.35×	12.11×	12.57×	-1.84×	8.97×
Dividend yield	0.9%	0.4%	0.4%	0.9%	0.8%	0.0%	1.1%	0.4%
Payout ratio	10.2%	8.3%	10.8%	25.8%	14.4%	0.1%	-49.6%	7.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.7%	7.9%	5.8%	5.4%	13.2%	24.2%	-3.2%	19.8%
Return on invested capital	6.4%	5.7%	4.2%	3.9%	10.4%	19.9%	-2.5%	14.9%
Return on assets	6.0%	5.6%	3.8%	3.5%	8.5%	15.0%	-1.7%	11.2%
Free cash flow yield	9.0%	0.9%	1.4%	2.2%	-0.8%	9.4%	-2.1%	1.8%
Earnings yield	8.4%	5.0%	3.5%	3.5%	5.5%	12.2%	-2.3%	5.4%
Enterprise value	₹17.2B	₹23.3B	₹24.2B	₹22B	₹32.1B	₹23.3B	₹15B	₹34.7B
Net debt / EBITDA	0.32×	-0.11×	0.95×	1.14×	0.69×	0.32×	25.01×	0.77×
Cash conversion cycle (days)	79	86	64	52	53	60	31	57