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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
+129.3%
₹23,271.28
vs ₹10,150.00 price
Levered DCF
₹11,545.82
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
19.66
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E28.77×21.95×32.39×13.62×14.93×9.87×9.96×13.85×
P/B4.9×4.5×7.35×2.46×2.1×1.33×1.19×1.71×
P/S4.08×3.71×6.18×1.98×1.77×1.61×1.04×1.43×
EV / EBITDA20.66×15.76×24.14×9.99×10.83×7.26×7.23×8.96×
Gross margin22.0%27.6%29.8%25.0%21.8%23.2%36.7%31.5%
Operating margin15.8%18.5%19.5%16.3%12.0%10.0%12.5%10.6%
Net margin14.2%16.9%19.1%14.5%11.8%16.3%10.5%10.3%
Current ratio4.16×4.44×3.71×4.9×4.8×5.09×5.26×6.07×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage235.07×246.52×150.87×252.04×168.47×114.28×146.42×150×
Dividend yield1.2%1.3%0.6%1.3%1.3%2.3%3.1%1.6%
Payout ratio33.1%28.0%19.7%17.7%19.0%22.5%30.7%21.5%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity17.0%20.5%22.7%18.1%14.1%13.5%11.9%12.4%
Return on invested capital14.1%16.4%17.6%15.4%10.8%6.5%11.1%8.7%
Return on assets15.1%18.3%20.2%16.4%12.5%12.3%10.9%11.3%
Free cash flow yield0.6%2.2%2.0%5.9%2.4%0.8%9.9%1.8%
Earnings yield3.5%4.6%3.1%7.3%6.7%10.1%10.0%7.2%
Enterprise value₹87.1B₹71B₹99.3B₹27.1B₹19.7B₹10.9B₹8.8B₹11.6B
Net debt / EBITDA-0.17×-0.08×-0.06×-0.06×-0.07×-0.13×-0.05×-0.09×
Cash conversion cycle (days)131119127122150177139149