V-Guard Industries Limited (VGUARD.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

+40.4%

₹404.08

vs ₹287.90 price

Levered DCF

₹985.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.69

Safe zone

Rating

A-

Overall 4 / 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	44.82×	48.81×	56.71×	57.09×	40.79×	53.92×	35.42×	56.47×
P/B	5.82×	7.33×	8.05×	6.72×	6.61×	8.93×	6.66×	10.49×
P/S	2.32×	2.78×	3.03×	2.64×	2.66×	4.01×	2.67×	3.68×
EV / EBITDA	26.36×	28.92×	32.43×	33.48×	26.5×	31.88×	23.52×	38.33×
Gross margin	25.5%	33.8%	31.3%	27.8%	31.0%	30.1%	41.3%	36.4%
Operating margin	7.0%	7.6%	7.3%	6.3%	8.3%	10.2%	9.5%	8.0%
Net margin	5.2%	5.7%	5.3%	4.6%	6.5%	7.4%	7.5%	6.5%
Current ratio	1.8×	1.71×	1.63×	1.84×	2.43×	2.36×	2.59×	2.39×
Debt / equity	0.07×	0.06×	0.22×	0.31×	0.05×	0.06×	0.05×	0.02×
Interest coverage	33.83×	17.3×	8.84×	15.8×	42.02×	45.31×	56.38×	116.35×
Dividend yield	0.5%	0.4%	0.4%	0.5%	0.6%	0.0%	1.3%	0.4%
Payout ratio	21.2%	19.5%	21.8%	29.7%	22.7%	0.0%	46.8%	21.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	15.0%	14.2%	11.8%	16.2%	16.6%	18.8%	18.6%
Return on invested capital	11.9%	13.6%	11.3%	8.4%	15.2%	14.9%	16.7%	16.8%
Return on assets	8.3%	9.4%	8.1%	6.5%	10.9%	10.7%	12.9%	12.2%
Free cash flow yield	1.9%	2.3%	1.8%	3.0%	-1.8%	1.5%	0.9%	1.1%
Earnings yield	2.2%	2.0%	1.8%	1.8%	2.5%	1.9%	2.8%	1.8%
Enterprise value	₹139.2B	₹154.5B	₹149.4B	₹112.6B	₹93B	₹106.1B	₹66.6B	₹93.7B
Net debt / EBITDA	0.2×	0.13×	0.75×	1.38×	0.02×	-0.64×	0.09×	-0.29×
Cash conversion cycle (days)	56	70	74	85	107	83	92	70