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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
+15.6%
₹1,109.66
vs ₹959.60 price
Levered DCF
₹1,992.86
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
14.23
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E30.94×40.46×47.17×44.73×57.92×53.43×23.85×30.45×
P/B4.34×5.87×6.19×8.38×10.98×9.32×6.22×8.18×
P/S6.17×7.33×8.06×9×12.45×15.27×7.88×7.77×
EV / EBITDA19.43×26.32×29.97×29.8×40.59×38.03×17.33×18.97×
Gross margin33.5%43.4%43.4%44.8%43.3%52.4%90.4%83.6%
Operating margin24.4%22.2%21.1%25.0%24.2%32.9%37.8%35.9%
Net margin19.9%18.1%17.1%20.3%21.5%28.6%33.0%25.5%
Current ratio5.4×3.31×4.53×4.38×4.64×6.08×7.22×5.98×
Debt / equity0×0.02×0×0×0.01×0×0×0×
Interest coverage1,323.2×259.32×80.36×158.84×236.04×376.08×199.54×192.51×
Dividend yield0.6%0.4%0.5%0.4%0.3%0.0%1.3%0.3%
Payout ratio17.6%17.9%22.4%16.0%17.8%2.1%31.3%9.8%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity14.0%14.5%13.1%18.9%19.0%17.4%26.1%26.9%
Return on invested capital12.0%12.4%11.3%16.0%15.5%15.3%22.2%23.1%
Return on assets12.4%12.4%11.4%16.5%16.6%15.5%23.1%23.0%
Free cash flow yield2.1%-0.3%-0.5%1.6%-0.2%0.9%1.3%-0.1%
Earnings yield3.2%2.5%2.1%2.3%1.7%1.9%4.2%3.3%
Enterprise value₹137.2B₹164.5B₹152.4B₹185.8B₹200.9B₹143.9B₹79.5B₹86B
Net debt / EBITDA-0.01×0.09×0.01×-0.01×0.04×0×-0.02×0.01×
Cash conversion cycle (days)132118137120144158220169