Voltaire Leasing & Finance Limited (VOLLF.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

-6.7%

₹21.47

vs ₹23.00 price

Levered DCF

-₹10.93

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	953.17×	-54.1×	-27.06×	32.89×	50.94×	124×	466.83×	39.1×
P/B	0.27×	0.26×	0.28×	0.32×	0.57×	0.4×	0.4×	0.41×
P/S	7.06×	2.9×	7.15×	7.86×	10.94×	6.21×	4.59×	6.74×
EV / EBITDA	575.08×	-62.09×	-28.7×	22.1×	35.24×	69.55×	119×	27.45×
Gross margin	64.4%	33.5%	78.9%	85.1%	85.2%	62.8%	36.0%	62.8%
Operating margin	-8.7%	-11.8%	-22.2%	32.1%	28.4%	6.3%	0.6%	59.4%
Net margin	0.7%	-5.4%	-26.2%	24.0%	21.6%	5.1%	1.0%	17.4%
Current ratio	9.56×	10×	1.15×	1.19×	0.07×	0.04×	0.04×	0.07×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	-846×	1,272×	1,443.5×	1,564.51×	93.68×	758.5×
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	0.0%	-0.5%	-1.0%	1.0%	1.1%	0.3%	0.1%	1.1%
Return on invested capital	-0.3%	-1.1%	-0.9%	1.0%	1.1%	0.3%	0.0%	3.6%
Return on assets	0.0%	-0.4%	-1.0%	0.9%	0.9%	0.2%	0.1%	0.9%
Free cash flow yield	-1.7%	-2.5%	0.9%	-74.0%	-0.8%	60.8%	-1.2%	-11.3%
Earnings yield	0.1%	-1.9%	-3.7%	3.1%	2.0%	0.8%	0.2%	2.6%
Enterprise value	₹48.3M	₹46.2M	₹52.9M	₹61M	₹109.4M	₹73.9M	₹76.9M	₹78.2M
Net debt / EBITDA	-1.37×	0.1×	0.94×	-0.45×	-0.58×	-2.53×	-2.07×	-0.8×
Cash conversion cycle (days)	3,651	1,663	-1,030	-1,360	-1,177	-392	-199	0