Vraj Iron and Steel Limited (VRAJ.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

-117.5%

-₹22.02

vs ₹125.77 price

Levered DCF

-₹160.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

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
P/E	9.76×	11.12×	10.85×	11.54×	21.7×	56.75×	106.31×
P/B	0.73×	1.24×	3.11×	4.42×	7.15×	10.85×	13.54×
P/S	0.53×	1.03×	1.48×	1.21×	1.5×	2.14×	5.15×
EV / EBITDA	5.15×	7.2×	8.97×	7.96×	13.42×	24.04×	56.71×
Gross margin	16.1%	27.7%	32.2%	14.5%	10.8%	7.8%	16.8%
Operating margin	5.8%	11.4%	30.0%	13.8%	10.0%	7.1%	15.0%
Net margin	5.4%	9.3%	13.7%	10.5%	6.9%	3.8%	4.8%
Current ratio	7.15×	10.62×	4.59×	2.88×	1.73×	1.22×	1.3×
Debt / equity	0.1×	0.01×	0.32×	0.17×	0.51×	0.83×	1.22×
Interest coverage	15.93×	34.96×	43.48×	20.45×	9.44×	3.33×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	7.4%	11.1%	28.7%	38.3%	32.9%	19.1%	12.7%
Return on invested capital	5.2%	10.0%	35.1%	31.7%	23.1%	13.3%	13.1%
Return on assets	6.5%	10.6%	20.5%	28.2%	19.0%	8.7%	4.7%
Free cash flow yield	-23.8%	-16.6%	-7.2%	9.7%	0.6%	2.0%	1.0%
Earnings yield	10.2%	9.0%	9.2%	8.7%	4.6%	1.8%	0.9%
Enterprise value	₹3.5B	₹4.9B	₹6.9B	₹6.5B	₹6.7B	₹6.7B	₹6.8B
Net debt / EBITDA	0.54×	0.02×	0.82×	0.3×	0.88×	1.69×	4.56×
Cash conversion cycle (days)	62	62	51	50	35	23	48