Vinayak Polycon International Ltd. (VINAYAKPOL.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

-152.2%

-₹10.70

vs ₹20.51 price

Levered DCF

₹20.62

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 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	117.12×	34.1×	25.16×	47.68×	112.14×	-10.02×	138.08×	5.56×
P/B	1.21×	1.52×	1.56×	1.24×	1.11×	0.45×	0.65×	0.51×
P/S	0.31×	0.36×	0.35×	0.26×	0.32×	0.17×	0.19×	0.1×
EV / EBITDA	10.22×	7.79×	7.51×	9.94×	9.5×	8.06×	6.25×	4.69×
Gross margin	40.3%	38.9%	36.9%	33.8%	37.1%	44.8%	41.4%	33.0%
Operating margin	1.7%	2.8%	3.8%	2.4%	1.7%	-0.2%	25.6%	22.8%
Net margin	0.3%	1.1%	1.4%	0.5%	0.3%	-1.7%	0.1%	1.8%
Current ratio	1.64×	2.03×	1.57×	1.29×	1.3×	1.19×	1.11×	1.17×
Debt / equity	0.77×	0.51×	0.92×	1.34×	0.82×	0.8×	0.88×	1.03×
Interest coverage	1.46×	1.87×	2.03×	1.51×	1.15×	-0.12×	0×	0×
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	1.0%	4.5%	6.2%	2.6%	1.0%	-4.4%	0.5%	9.1%
Return on invested capital	1.3%	5.5%	6.6%	3.0%	3.2%	-0.3%	22.3%	41.6%
Return on assets	0.5%	2.6%	2.8%	1.0%	0.4%	-2.0%	0.2%	3.8%
Free cash flow yield	-12.2%	27.4%	27.8%	-40.1%	0.3%	35.6%	34.2%	35.2%
Earnings yield	0.8%	2.9%	4.0%	2.1%	0.9%	-10.0%	0.7%	18.1%
Enterprise value	₹96.1M	₹101.8M	₹117.8M	₹115.8M	₹84M	₹53.4M	₹68.7M	₹68.8M
Net debt / EBITDA	3.7×	1.95×	2.77×	5.15×	4.03×	5.15×	3.58×	3.14×
Cash conversion cycle (days)	137	102	118	112	139	157	122	94