Vertex Securities Limited (VERTEX.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

-131.8%

-₹0.93

vs ₹2.93 price

Levered DCF

-₹4.42

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.38

Distress zone

Rating

D+

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	-7.81×	-44.7×	54×	-47.17×	93.33×	38.42×	-6.14×	82.74×
P/B	1.82×	3.56×	2.64×	2.85×	2.69×	2.77×	2.97×	1.99×
P/S	2.34×	3.96×	2.76×	3.86×	3.55×	3.57×	3.91×	4.28×
EV / EBITDA	-9.57×	864.12×	21.62×	23.89×	12.01×	16.05×	-8.09×	23.21×
Gross margin	50.8%	67.6%	62.0%	23.0%	22.0%	27.7%	16.2%	36.3%
Operating margin	-30.0%	66.7%	11.6%	9.9%	19.2%	20.3%	-54.7%	13.8%
Net margin	-30.0%	-8.8%	5.1%	-8.2%	3.8%	9.3%	-64.2%	5.2%
Current ratio	0.76×	0×	1.49×	1.29×	0.72×	0.83×	1.2×	1.75×
Debt / equity	0.59×	0.24×	0.32×	0.82×	0.4×	1×	0.43×	0.24×
Interest coverage	-6.54×	12.46×	2×	0.56×	1.25×	1.85×	-5.81×	1.62×
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	-23.4%	-8.0%	4.9%	-6.0%	2.9%	7.2%	-48.8%	2.4%
Return on invested capital	-10.5%	14.7%	6.2%	1.7%	8.4%	9.1%	-27.2%	4.7%
Return on assets	-6.6%	-2.0%	1.2%	-1.1%	0.6%	1.7%	-16.9%	1.0%
Free cash flow yield	-8.2%	-1.5%	-60.3%	-33.0%	36.9%	13.2%	-2.4%	5.4%
Earnings yield	-12.8%	-2.2%	1.9%	-2.1%	1.1%	2.6%	-16.4%	1.2%
Enterprise value	₹201.7M	₹319.7M	₹267.9M	₹215.2M	₹207.4M	₹292.4M	₹262.1M	₹242M
Net debt / EBITDA	-0.81×	16.26×	1.34×	-4.86×	-2.99×	1.83×	-0.09×	-1.64×
Cash conversion cycle (days)	-1,503	-1,623	-2,041	-2,067	-1,317	-1,021	-844	-30