Vijay Solvex Limited (VIJSOLX.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

+109.5%

₹1,452.22

vs ₹693.25 price

Levered DCF

₹181.24

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	6.99×	15.48×	90.41×	14.91×	10×	4.32×	5.05×	5.5×
P/B	0.38×	0.83×	0.82×	0.79×	1.76×	1.2×	0.67×	0.52×
P/S	0.06×	0.16×	0.15×	0.1×	0.21×	0.14×	0.07×	0.06×
EV / EBITDA	3.98×	8.56×	52.76×	10.17×	7.58×	4.5×	5.59×	5.28×
Gross margin	5.0%	5.8%	7.5%	5.4%	6.4%	6.4%	6.3%	6.9%
Operating margin	1.3%	1.3%	6.3%	0.8%	2.6%	3.7%	2.4%	2.0%
Net margin	0.8%	1.0%	0.2%	0.7%	2.1%	3.3%	1.4%	1.0%
Current ratio	3.05×	4.04×	5.19×	2.75×	1.97×	1.79×	1.57×	1.53×
Debt / equity	0.18×	0.1×	0.03×	0.12×	0.45×	0.48×	0.54×	0.6×
Interest coverage	3.79×	6.92×	239.64×	15.97×	71.16×	67.76×	7.76×	5.43×
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	5.5%	5.4%	0.9%	5.3%	17.6%	27.7%	13.2%	9.5%
Return on invested capital	5.2%	5.1%	24.3%	4.1%	11.0%	15.8%	10.3%	7.3%
Return on assets	4.2%	4.5%	0.8%	4.2%	11.1%	16.3%	7.3%	5.3%
Free cash flow yield	-50.4%	-9.6%	7.8%	25.0%	6.5%	-8.7%	39.5%	71.1%
Earnings yield	14.3%	6.5%	1.1%	6.7%	10.0%	23.2%	19.8%	18.2%
Enterprise value	₹1.5B	₹2.4B	₹2.3B	₹2.4B	₹5.8B	₹4B	₹1.9B	₹1.3B
Net debt / EBITDA	0.3×	-1.44×	-8.62×	-0.38×	0.06×	1.29×	2.49×	2.5×
Cash conversion cycle (days)	33	25	15	14	24	23	12	31