Vindhya Telelinks Limited (VINDHYATEL.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

+10.4%

₹2,905.99

vs ₹2,631.90 price

Levered DCF

-₹1,372.15

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

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	5.25×	7.78×	9.81×	11.17×	6.31×	3.6×	2.16×	6.21×
P/B	0.27×	0.39×	0.7×	0.61×	0.38×	0.34×	0.21×	0.71×
P/S	0.32×	0.39×	0.68×	0.71×	0.92×	0.65×	0.27×	0.82×
EV / EBITDA	10.98×	10.29×	9.78×	8.37×	9.36×	6.42×	5.32×	7.45×
Gross margin	10.2%	15.2%	14.5%	17.9%	15.1%	16.6%	23.8%	25.4%
Operating margin	5.9%	6.1%	6.7%	9.2%	10.6%	12.7%	13.0%	15.5%
Net margin	6.1%	5.0%	6.9%	6.4%	14.6%	18.0%	12.7%	13.2%
Current ratio	1.43×	1.49×	1.68×	1.71×	1.93×	1.64×	1.56×	1.49×
Debt / equity	0.34×	0.29×	0.12×	0.2×	0.18×	0.25×	0.37×	0.35×
Interest coverage	1.39×	2.42×	3.11×	3.63×	2.47×	2.43×	2.52×	4.23×
Dividend yield	1.6%	1.1%	0.6%	0.6%	1.0%	1.2%	3.3%	0.8%
Payout ratio	8.6%	8.8%	6.3%	6.4%	6.1%	4.3%	7.2%	5.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.2%	5.0%	7.1%	5.4%	6.0%	9.4%	9.8%	11.5%
Return on invested capital	2.4%	3.0%	3.9%	4.2%	2.3%	3.4%	4.2%	7.4%
Return on assets	2.6%	2.6%	4.2%	3.1%	3.8%	5.4%	5.0%	6.4%
Free cash flow yield	-28.7%	-38.5%	14.1%	-0.0%	13.9%	22.6%	-2.9%	-20.3%
Earnings yield	19.1%	12.9%	10.2%	9.0%	15.9%	27.8%	46.2%	16.1%
Enterprise value	₹25.5B	₹26.6B	₹31.1B	₹27B	₹17.9B	₹17B	₹14.1B	₹25.4B
Net debt / EBITDA	6.01×	4.19×	1.07×	1.96×	2.98×	2.75×	3.38×	2.43×
Cash conversion cycle (days)	228	162	158	206	393	374	324	264