VLS Finance Limited (VLSFINANCE.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

+1.6%

₹213.31

vs ₹210.00 price

Levered DCF

₹129.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

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	31.97×	15.8×	2.75×	10.23×	2.94×	1.42×	3.18×	-57.13×
P/B	0.33×	0.3×	0.3×	0.23×	0.21×	0.13×	0.07×	0.19×
P/S	14.46×	10.13×	2.36×	21.74×	22.04×	1.43×	0.04×	0.08×
EV / EBITDA	24.61×	6.5×	2.2×	8.49×	2.58×	1.01×	-29.19×	-17.88×
Gross margin	85.0%	90.1%	98.3%	78.2%	81.7%	97.9%	-0.4%	0.4%
Operating margin	45.5%	69.0%	98.3%	206.7%	737.2%	93.5%	-0.3%	-0.4%
Net margin	45.2%	64.1%	85.8%	212.5%	750.7%	100.5%	1.2%	-0.1%
Current ratio	5.03×	302.5×	12.58×	20.98×	19.88×	65.25×	25.21×	1.47×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	298.09×	1,904.7×	376.06×	8,493.99×	6,793.25×	-191.05×	-10,838.08×
Dividend yield	0.7%	1.2%	0.6%	1.0%	0.9%	1.8%	3.7%	2.0%
Payout ratio	23.5%	18.4%	1.6%	10.4%	2.8%	2.6%	11.9%	-111.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.0%	1.9%	10.9%	2.2%	7.1%	9.1%	2.2%	-0.3%
Return on invested capital	1.0%	1.5%	8.8%	1.7%	5.6%	6.7%	4.1%	-0.3%
Return on assets	1.0%	1.7%	9.1%	1.8%	5.7%	7.2%	1.8%	-0.3%
Free cash flow yield	0.2%	29.8%	17.2%	0.9%	23.4%	51.9%	-86.7%	-10.2%
Earnings yield	3.1%	6.3%	36.4%	9.8%	34.1%	70.2%	31.5%	-1.7%
Enterprise value	₹6.3B	₹4.1B	₹8.6B	₹5.3B	₹5.5B	₹2.1B	₹1.1B	₹2.2B
Net debt / EBITDA	-2.76×	-5.09×	-0.07×	-0.68×	-0.34×	-0.5×	5.39×	1.25×
Cash conversion cycle (days)	-903	14	-10	-5	-302	2	0	-1