Vardhman Textiles Limited (VTL.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

+5.2%

₹532.66

vs ₹506.10 price

Levered DCF

₹177.32

After debt service

Piotroski score

4 / 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	FY2019
P/E	20×	12.83×	19.86×	10.5×	8.01×	17.69×	6.16×	8.49×
P/B	1.42×	1.14×	1.38×	0.98×	1.61×	1.14×	0.59×	1.11×
P/S	1.51×	1.16×	1.32×	0.82×	1.29×	1.2×	0.53×	0.9×
EV / EBITDA	11.03×	9.45×	13.78×	7.21×	6.19×	11.09×	5.86×	6.95×
Gross margin	44.8%	41.3%	37.6%	38.6%	49.9%	43.9%	44.0%	44.6%
Operating margin	7.8%	32.1%	28.7%	31.0%	42.2%	34.2%	35.0%	36.5%
Net margin	7.6%	9.0%	6.6%	7.8%	16.1%	6.7%	8.6%	10.6%
Current ratio	4.15×	4.63×	3.12×	4×	3.03×	3.64×	2.99×	2.51×
Debt / equity	0.18×	0.13×	0.2×	0.2×	0.26×	0.33×	0.37×	0.41×
Interest coverage	8.37×	40.62×	26.67×	30.73×	40.77×	18.53×	17.44×	21.01×
Dividend yield	1.0%	1.0%	0.8%	0.0%	2.8%	0.0%	3.4%	1.4%
Payout ratio	19.6%	13.4%	16.7%	0.1%	22.6%	0.1%	20.9%	11.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.1%	8.9%	6.9%	9.3%	20.1%	6.4%	9.5%	13.1%
Return on invested capital	4.8%	20.6%	18.4%	22.4%	30.1%	17.8%	24.5%	21.1%
Return on assets	5.4%	7.1%	5.3%	7.0%	14.1%	4.3%	6.2%	8.1%
Free cash flow yield	-4.2%	5.4%	-10.7%	14.7%	7.5%	-1.0%	5.4%	-6.6%
Earnings yield	5.0%	7.8%	5.0%	9.5%	12.5%	5.6%	16.2%	11.8%
Enterprise value	₹166.8B	₹124.8B	₹143B	₹99.6B	₹143.1B	₹94.3B	₹55.6B	₹84.4B
Net debt / EBITDA	1.17×	0.87×	1.69×	1.16×	0.83×	2.4×	2.11×	1.84×
Cash conversion cycle (days)	263	256	289	169	253	339	296	268