VSF Projects Limited (VSFPROJ.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

-273.0%

-₹54.78

vs ₹31.67 price

Levered DCF

-₹50.34

After debt service

Piotroski score

3 / 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	-115.42×	-249.83×	0.74×	2,351.97×	-285.67×	42.31×	178.64×	-1.02×
P/B	0.51×	0.75×	0.82×	9.75×	84.48×	18.3×	42.64×	48.73×
P/S	0×	0×	186.32×	20.73×	13.96×	3.71×	6.84×	2.7×
EV / EBITDA	-217.15×	-1,283.08×	1.95×	387.97×	357.45×	74.21×	69.46×	-3.3×
Gross margin	0.0%	0.0%	100.0%	65.5%	18.3%	23.2%	74.5%	52.1%
Operating margin	0.0%	0.0%	-86.0%	4.0%	-0.6%	6.1%	-90.3%	-358.6%
Net margin	0.0%	0.0%	16066.0%	0.9%	-4.9%	8.8%	3.8%	-265.4%
Current ratio	1.13×	1.42×	0.73×	0.09×	0.08×	0.08×	0.08×	0.07×
Debt / equity	0.86×	0.61×	0.63×	4.3×	57.48×	44.36×	78.54×	100.77×
Interest coverage	-5.21×	-22.36×	-116.9×	72.22×	-6.27×	51.3×	-9.67×	-45.51×
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	-0.4%	-0.3%	70.4%	0.4%	-29.6%	43.5%	23.9%	-4796.2%
Return on invested capital	-0.5%	-0.4%	-0.2%	0.0%	-0.0%	0.3%	-2.7%	-23.9%
Return on assets	-0.2%	-0.2%	38.7%	0.0%	-0.1%	0.2%	0.1%	-11.0%
Free cash flow yield	8.0%	-108.5%	-9.6%	-7.3%	-0.1%	-0.3%	-2.8%	17.4%
Earnings yield	-0.9%	-0.4%	86.2%	0.0%	-0.4%	2.4%	0.6%	-98.4%
Enterprise value	₹1.3B	₹1.3B	₹691.5M	₹487.7M	₹386.4M	₹220.8M	₹240.9M	₹226.6M
Net debt / EBITDA	-136.05×	-574.17×	0.8×	118.76×	144.71×	52.51×	44.97×	-2.22×
Cash conversion cycle (days)	-11,036	-28,362	-38,870	-13,019	-5,416	-5,585	-37,752	-5,460