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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
+93.1%
₹361.82
vs ₹187.41 price
Levered DCF
₹123.02
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
4.34
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E11.63×15.94×18.45×14.86×14.78×16.84×14.08×23.75×
P/B2.35×3.5×4.44×4.12×4.41×5.56×5.44×8.11×
P/S2.32×3.31×3.92×3.77×4.02×4.72×3.46×4.91×
EV / EBITDA7.48×16.54×14.32×10.56×11.49×11.55×10.26×15.18×
Gross margin36.8%43.0%33.3%51.9%56.4%56.0%51.1%49.3%
Operating margin23.8%33.1%22.8%27.8%33.1%34.9%30.1%28.4%
Net margin20.0%20.8%21.2%25.3%27.2%28.0%24.6%20.7%
Current ratio3.16×2.74×2.66×1.84×2.31×2.39×1.97×1.83×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×0×0×0×0×0×0×0×
Dividend yield5.0%5.0%4.1%4.4%3.7%3.0%4.1%2.7%
Payout ratio58.0%79.5%76.5%65.9%55.0%51.2%58.2%63.6%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity20.2%22.0%24.1%27.7%29.8%33.0%38.6%34.2%
Return on invested capital17.8%27.0%19.4%22.8%26.5%30.0%33.4%29.5%
Return on assets14.5%16.0%17.5%19.8%20.1%20.9%21.8%18.8%
Free cash flow yield5.5%3.3%1.3%-4.6%4.8%4.6%7.2%4.9%
Earnings yield8.6%6.3%5.4%6.7%6.8%5.9%7.1%4.2%
Enterprise value₹33.6B₹46.1B₹55.4B₹48.5B₹47.3B₹52.2B₹42.5B₹53.6B
Net debt / EBITDA-0.08×-0.06×-0.06×-0.02×-0.01×-0.02×-0.06×-0.07×
Cash conversion cycle (days)22918014217212814698136