Vibhor Steel Tubes Limited (VSTL.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

-473.5%

-₹365.97

vs ₹97.99 price

Levered DCF

-₹525.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 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	21.93×	24.84×	29.58×	30.05×	55.85×	910.71×	125×	101.19×
P/B	0.98×	1.55×	2.95×	6.79×	8.79×	10.46×	10.58×	11.56×
P/S	0.17×	0.29×	0.49×	0.57×	0.77×	1.24×	1.13×	1.05×
EV / EBITDA	8.46×	11.96×	14.28×	17.69×	26.64×	38.45×	24.32×	32.21×
Gross margin	7.0%	10.8%	10.5%	7.4%	7.5%	8.6%	12.5%	10.7%
Operating margin	2.3%	2.6%	8.4%	7.3%	2.9%	2.4%	10.1%	8.7%
Net margin	0.8%	1.2%	1.7%	1.9%	1.4%	0.1%	0.9%	1.0%
Current ratio	1.25×	1.37×	1.54×	1.25×	1.23×	1.17×	1.37×	1.2×
Debt / equity	0.98×	0.91×	0.8×	1.63×	1.77×	1.23×	1.74×	2.45×
Interest coverage	1.68×	2.34×	4.99×	6.64×	3.59×	1.64×	0×	7.68×
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	4.5%	6.3%	10.0%	22.6%	15.7%	1.1%	8.5%	11.4%
Return on invested capital	4.8%	5.1%	20.6%	24.5%	8.6%	1.5%	22.1%	20.0%
Return on assets	2.0%	2.5%	4.6%	7.2%	4.6%	0.4%	2.4%	2.4%
Free cash flow yield	-8.9%	-10.8%	-5.0%	-0.6%	-6.1%	6.9%	5.1%	-4.1%
Earnings yield	4.6%	4.0%	3.4%	3.3%	1.8%	0.1%	0.8%	1.0%
Enterprise value	₹3.8B	₹4.6B	₹6.6B	₹7.8B	₹7.5B	₹7B	₹7.3B	₹7.6B
Net debt / EBITDA	4.18×	4.37×	2.87×	3.26×	4.08×	3.75×	3.23×	5.39×
Cash conversion cycle (days)	55	69	61	31	48	42	66	64