Veritas (India) Limited (VERITAS.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

+64.6%

₹237.42

vs ₹144.20 price

Levered DCF

-₹100.74

After debt service

Piotroski score

1 / 9

Weak

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	18.35×	9.22×	15.67×	4.04×	2.95×	1.68×	0.59×	3.24×
P/B	0.13×	0.39×	1.17×	0.17×	0.15×	0.09×	0.04×	0.08×
P/S	0.12×	0.26×	0.76×	0.18×	0.15×	0.1×	0.04×	0.08×
EV / EBITDA	9.71×	5.86×	15.76×	4.51×	3.99×	3.72×	3.28×	5.37×
Gross margin	2.7%	4.5%	6.6%	8.6%	8.5%	10.8%	8.5%	7.0%
Operating margin	1.4%	3.7%	6.2%	5.3%	5.8%	7.0%	5.6%	4.6%
Net margin	0.6%	2.8%	4.8%	4.4%	4.9%	5.8%	6.0%	2.3%
Current ratio	1.45×	1.58×	4.25×	1.5×	1.34×	1.94×	1.4×	1.28×
Debt / equity	0.18×	0.05×	0.13×	0.13×	0.15×	0.23×	0.29×	0.31×
Interest coverage	1.62×	3.68×	7.68×	6.71×	6.52×	5.43×	3.28×	1.69×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.2%	0.1%
Payout ratio	0.7%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.7%	4.3%	7.4%	4.1%	5.0%	5.5%	6.5%	2.6%
Return on invested capital	1.2%	5.0%	5.9%	3.6%	4.3%	4.5%	4.1%	3.2%
Return on assets	0.4%	3.0%	4.5%	2.3%	2.6%	3.3%	3.7%	1.5%
Free cash flow yield	-72.0%	-1.5%	0.8%	20.5%	38.4%	72.6%	75.7%	105.1%
Earnings yield	5.5%	10.8%	6.4%	24.7%	33.9%	59.4%	169.2%	30.8%
Enterprise value	₹8.6B	₹11.4B	₹32.4B	₹6.6B	₹6.3B	₹6.2B	₹6.1B	₹6.6B
Net debt / EBITDA	5.61×	0.46×	1.5×	1.91×	2.01×	2.62×	2.89×	4.22×
Cash conversion cycle (days)	112	54	146	124	88	108	52	47