Virat Industries Limited (VIRAT.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

-86.6%

₹55.63

vs ₹415.00 price

Levered DCF

₹67.98

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	89.07×	169.62×	93.83×	66.85×	56.65×	22.95×	7.33×	44.69×
P/B	3.36×	5.8×	2.78×	4.33×	3.22×	0.81×	0.5×	1.43×
P/S	16.42×	4.85×	2.19×	2.94×	3.27×	0.98×	0.44×	1.28×
EV / EBITDA	401.27×	66.9×	27.32×	47.4×	21.66×	5.17×	2.82×	9.76×
Gross margin	36.1%	58.5%	31.6%	13.3%	11.1%	6.1%	14.3%	48.9%
Operating margin	1.6%	0.7%	0.3%	1.9%	5.4%	1.7%	3.3%	2.5%
Net margin	18.4%	2.9%	2.3%	4.4%	5.8%	4.3%	6.0%	2.9%
Current ratio	35.02×	5.97×	5.27×	4.71×	5.89×	6.94×	4.02×	3.96×
Debt / equity	0×	0.02×	0.03×	0.01×	0.01×	0.01×	0.07×	0.02×
Interest coverage	8.24×	3.43×	1.85×	10.14×	38.63×	5.51×	15.54×	5.55×
Dividend yield	0.0%	0.0%	0.1%	0.5%	0.0%	0.1%	0.2%	2.0%
Payout ratio	0.0%	6.1%	6.9%	31.9%	2.4%	2.8%	1.1%	87.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.8%	3.4%	3.0%	6.5%	5.7%	3.5%	6.8%	3.2%
Return on invested capital	0.2%	0.6%	0.3%	2.1%	4.1%	1.2%	2.6%	1.6%
Return on assets	3.7%	2.9%	2.4%	5.3%	4.9%	3.1%	5.6%	2.7%
Free cash flow yield	1.5%	-0.6%	5.2%	-1.9%	0.1%	23.0%	6.1%	7.3%
Earnings yield	1.1%	0.6%	1.1%	1.5%	1.8%	4.4%	13.7%	2.2%
Enterprise value	₹3.8B	₹1.5B	₹693.5M	₹1.1B	₹726.3M	₹141.4M	₹111.8M	₹288.1M
Net debt / EBITDA	-60.06×	-0.75×	-0.71×	-0.91×	-1.21×	-1.48×	0.08×	-0.01×
Cash conversion cycle (days)	194	277	190	166	179	204	264	176