Viji Finance Limited (VIJIFIN.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

-112.7%

-₹1.83

vs ₹14.40 price

Levered DCF

-₹63.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

35.57

Safe zone

Rating

B-

Overall 3 / 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	20.64×	182.5×	196.75×	62.69×	61.73×	60.8×	203.36×	82.31×
P/B	1.74×	1.46×	2.23×	2.26×	2.34×	2.43×	2.57×	2.6×
P/S	7.78×	13.42×	14.11×	13.03×	22.25×	29.5×	27.45×	15.41×
EV / EBITDA	16.03×	-1,151.08×	72.72×	44.33×	55.16×	46.92×	128.09×	42.49×
Gross margin	77.5%	44.6%	53.2%	81.4%	79.8%	86.1%	84.5%	92.2%
Operating margin	50.4%	-16.7%	10.3%	31.3%	37.1%	66.6%	28.1%	59.8%
Net margin	37.7%	7.3%	6.2%	20.8%	36.1%	48.5%	13.5%	18.8%
Current ratio	0.23×	65.82×	0.02×	0.15×	0.11×	0.73×	14.49×	0.21×
Debt / equity	0.31×	0.59×	1.1×	1.44×	0.42×	0.32×	0.41×	0.38×
Interest coverage	0×	0×	20×	13.28×	96.33×	680.78×	1,071.56×	217.15×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	30.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.5%	0.8%	1.0%	3.6%	3.8%	4.0%	1.3%	3.2%
Return on invested capital	6.2%	-0.9%	0.5%	1.6%	2.4%	3.1%	1.3%	4.8%
Return on assets	5.9%	0.5%	0.5%	1.9%	2.5%	2.8%	0.8%	2.2%
Free cash flow yield	0.0%	-9.6%	-10.5%	-16.4%	-6.0%	2.7%	-1.7%	-2.4%
Earnings yield	4.8%	0.5%	0.4%	1.6%	1.6%	1.6%	0.5%	1.2%
Enterprise value	₹475.7M	₹434M	₹403.2M	₹443.7M	₹318.9M	₹301.4M	₹312.6M	₹310M
Net debt / EBITDA	2.3×	-323.29×	23.75×	17.2×	8.2×	4.65×	16.82×	5.28×
Cash conversion cycle (days)	-375	-124	0	-263	-588	5,887	5,658	2,913