Viceroy Hotels Limited (VHLTD.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

-269.1%

-₹250.57

vs ₹148.19 price

Levered DCF

-₹298.43

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C-

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	47.8×	9.06×	782.61×	-21,186.44×	-54.67×	-46.28×	-18.84×	-92.74×
P/B	3.28×	2.89×	28.16×	-2.61×	-3.23×	-2.27×	-0.8×	-3.84×
P/S	6.11×	5.15×	14.37×	9.71×	27.43×	29.55×	2.6×	11.95×
EV / EBITDA	25.13×	20.02×	129.78×	183.42×	-128.94×	-109.41×	-189.48×	-1,623.83×
Gross margin	58.4%	69.1%	49.7%	45.8%	1.9%	10.9%	49.0%	48.1%
Operating margin	16.0%	15.5%	4.9%	2.4%	-82.9%	-92.3%	-6.9%	-11.0%
Net margin	12.8%	56.8%	1.8%	-0.0%	-50.2%	-63.9%	-13.8%	-12.9%
Current ratio	1.22×	2.92×	0.92×	0.19×	0.11×	0.11×	0.15×	0.13×
Debt / equity	0.99×	0.21×	2.68×	-1.15×	-1.43×	-1.5×	-1.37×	-1.42×
Interest coverage	2.68×	4.3×	4.49×	64.19×	-58.2×	-606.94×	-98.01×	-7.81×
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	6.9%	31.9%	3.6%	0.0%	5.9%	4.9%	4.2%	4.1%
Return on invested capital	3.8%	7.2%	2.3%	-0.4%	-19.6%	-10.4%	-4.6%	-6.9%
Return on assets	3.3%	25.0%	0.7%	-0.0%	-6.9%	-5.1%	-3.9%	-3.6%
Free cash flow yield	-7.0%	2.0%	0.5%	-2.0%	-0.5%	0.5%	-5.3%	-0.0%
Earnings yield	2.1%	11.0%	0.1%	-0.0%	-1.8%	-2.2%	-5.3%	-1.1%
Enterprise value	₹11.2B	₹7.5B	₹20.3B	₹16.6B	₹20.7B	₹15.8B	₹8.6B	₹20B
Net debt / EBITDA	5.49×	1.23×	9.51×	55.15×	-39.31×	-43.52×	-119.8×	-434.19×
Cash conversion cycle (days)	-27	-24	-20	-113	-99	-138	-94	-113