Varvee Global Limited (VGL.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

-94.1%

₹3.23

vs ₹54.75 price

Levered DCF

₹7.13

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.13

Grey zone

Rating

C+

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	19.05×	17.72×	-1.28×	-0.65×	-0.89×	-0.64×	-0.44×	50.98×
P/B	3.08×	9.19×	3.31×	0.69×	0.44×	0.24×	0.08×	0.2×
P/S	3.78×	7.74×	0.68×	0.16×	0.14×	0.16×	0.03×	0.07×
EV / EBITDA	9.41×	8.19×	-13.59×	-17.22×	-55.97×	-38.88×	14.41×	6.2×
Gross margin	49.7%	-103.3%	3.8%	25.2%	30.7%	22.9%	37.4%	40.7%
Operating margin	0.1%	-222.0%	-47.0%	-19.9%	-8.6%	-19.3%	-0.3%	6.0%
Net margin	19.8%	43.7%	-52.9%	-25.1%	-10.1%	-24.5%	-7.5%	0.1%
Current ratio	0.46×	0.55×	1.02×	0.9×	1.08×	1.19×	1.1×	1.1×
Debt / equity	0.04×	2.64×	16.14×	6.46×	3.27×	2.58×	1.81×	1.59×
Interest coverage	0.04×	-7.34×	-1.08×	-1.13×	-0.82×	-0.99×	-0.03×	0.92×
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	16.2%	51.9%	-259.4%	-105.9%	-32.8%	-38.3%	-18.2%	0.4%
Return on invested capital	0.0%	-40.9%	-8.2%	-8.1%	-5.4%	-6.3%	-0.2%	3.8%
Return on assets	6.8%	9.1%	-10.2%	-12.3%	-6.6%	-9.0%	-5.0%	0.1%
Free cash flow yield	-0.4%	8.4%	192.8%	93.1%	18.6%	110.0%	333.5%	-23.3%
Earnings yield	5.3%	5.6%	-78.3%	-152.8%	-74.0%	-156.4%	-224.8%	2.0%
Enterprise value	₹2.4B	₹4.1B	₹3.3B	₹4.4B	₹4.6B	₹4.6B	₹4.4B	₹4.9B
Net debt / EBITDA	-0.02×	1.62×	-11.28×	-15.55×	-49.15×	-35.41×	13.8×	5.5×
Cash conversion cycle (days)	25	23	602	303	261	127	219	162