Virinchi Limited (VIRINCHI.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

+6.7%

₹13.99

vs ₹13.11 price

Levered DCF

-₹52.21

After debt service

Piotroski score

2 / 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	-5.56×	305.89×	21.54×	23.24×	19.7×	88.41×	5.11×	4.05×
P/B	0.29×	0.47×	0.65×	0.73×	0.76×	0.65×	0.63×	0.75×
P/S	0.51×	0.74×	0.98×	0.96×	0.77×	0.69×	0.62×	0.59×
EV / EBITDA	6.19×	5.25×	5.3×	5.29×	5.03×	4.75×	3.43×	3.16×
Gross margin	41.0%	44.9%	59.7%	62.0%	92.4%	93.5%	93.8%	94.2%
Operating margin	4.8%	11.4%	18.6%	16.3%	14.4%	13.5%	17.8%	21.7%
Net margin	-9.2%	0.2%	4.6%	4.1%	3.9%	0.8%	12.2%	14.5%
Current ratio	1.69×	1.49×	1.52×	1.81×	1.95×	1.74×	1.79×	1.43×
Debt / equity	0.55×	0.61×	0.72×	0.78×	0.74×	0.69×	0.42×	0.51×
Interest coverage	0.41×	0.88×	1.3×	1.5×	1.93×	1.47×	3.05×	4×
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	-5.3%	0.2%	3.0%	3.1%	3.9%	0.7%	12.4%	18.5%
Return on invested capital	1.8%	0.9%	5.4%	4.2%	4.0%	0.9%	12.8%	16.1%
Return on assets	-3.1%	0.1%	1.6%	1.6%	2.0%	0.4%	8.2%	11.0%
Free cash flow yield	-16.0%	-11.5%	0.9%	-12.6%	18.7%	-42.8%	7.2%	-1.2%
Earnings yield	-18.0%	0.3%	4.6%	4.3%	5.1%	1.1%	19.6%	24.7%
Enterprise value	₹4.1B	₹5.1B	₹6B	₹5.8B	₹5.2B	₹4.9B	₹3.9B	₹3.9B
Net debt / EBITDA	4×	2.95×	2.72×	2.59×	2.31×	2.37×	1.32×	1.23×
Cash conversion cycle (days)	108	168	90	176	209	144	96	-100