Vikram Thermo (India) Limited (VIKRAMTH.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

-27.1%

₹274.64

vs ₹376.75 price

Levered DCF

₹546.66

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	11.08×	67.4×	10.73×	6.46×	8.05×	4.86×	3.41×	5.38×
P/B	2.72×	4.49×	2.4×	1.22×	0.95×	0.89×	0.45×	0.56×
P/S	3.18×	4.32×	2.18×	0.99×	0.76×	0.81×	0.45×	0.42×
EV / EBITDA	7.86×	24.78×	7.14×	4.54×	5.4×	3.72×	2.37×	4.44×
Gross margin	55.4%	48.4%	48.5%	29.1%	19.7%	46.5%	44.4%	34.4%
Operating margin	38.1%	33.4%	28.0%	21.1%	12.5%	21.6%	38.4%	10.8%
Net margin	28.7%	6.4%	20.3%	15.3%	9.5%	16.6%	13.2%	7.8%
Current ratio	3.3×	3.13×	3.57×	2.22×	2.53×	2.28×	2.4×	2.1×
Debt / equity	0.03×	0.05×	0.06×	0.21×	0.2×	0.16×	0.11×	0.33×
Interest coverage	111.1×	44.71×	30.66×	19.87×	12.95×	28.5×	26.48×	5.36×
Dividend yield	0.7%	0.4%	0.6%	0.9%	1.3%	1.6%	4.1%	1.2%
Payout ratio	8.1%	29.0%	6.2%	5.6%	10.8%	7.8%	13.9%	6.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.5%	6.7%	22.4%	18.9%	11.8%	18.4%	13.3%	10.3%
Return on invested capital	23.0%	14.5%	21.1%	15.3%	9.3%	15.1%	25.9%	7.4%
Return on assets	20.5%	5.6%	17.8%	13.3%	8.3%	13.1%	9.9%	6.7%
Free cash flow yield	9.8%	-3.1%	5.6%	0.3%	-1.0%	7.0%	17.7%	7.6%
Earnings yield	9.0%	1.5%	9.3%	15.5%	12.4%	20.6%	29.3%	18.6%
Enterprise value	₹4.2B	₹5.5B	₹2.8B	₹1.2B	₹834.3M	₹689.5M	₹290M	₹352.4M
Net debt / EBITDA	-0.03×	0.28×	0.1×	0.56×	0.88×	0.55×	0.35×	1.43×
Cash conversion cycle (days)	112	145	129	101	106	104	126	147