VTM Limited (VTMLTD.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

-59.2%

₹17.35

vs ₹42.52 price

Levered DCF

-₹148.77

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	63.01×	19.05×	15.6×	8.06×	11.54×	3.79×	6.33×	10.49×
P/B	2.24×	1.13×	0.43×	0.3×	0.29×	0.17×	0.15×	0.22×
P/S	1.9×	1×	0.56×	0.36×	0.36×	0.26×	0.19×	0.27×
EV / EBITDA	27.63×	5.34×	3.49×	3.28×	2.64×	2.19×	1.6×	2.21×
Gross margin	26.9%	36.4%	34.9%	23.2%	11.5%	27.5%	8.3%	7.7%
Operating margin	4.4%	16.7%	7.2%	2.3%	7.0%	5.8%	5.1%	5.0%
Net margin	3.0%	13.2%	9.0%	4.4%	7.7%	7.0%	7.7%	6.5%
Current ratio	2.35×	3.5×	6.76×	12.96×	9.16×	10.18×	7.25×	12.23×
Debt / equity	0.24×	0.13×	0.01×	0.02×	0.03×	0.05×	0.05×	0.04×
Interest coverage	9.12×	31.96×	15.58×	5.73×	12.84×	9.67×	7.36×	6.97×
Dividend yield	1.1%	1.2%	3.3%	4.9%	3.5%	0.0%	28.6%	8.5%
Payout ratio	67.4%	8.9%	20.9%	39.6%	16.2%	0.0%	72.1%	35.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.6%	14.8%	7.0%	3.7%	6.4%	4.5%	6.0%	5.2%
Return on invested capital	3.0%	11.9%	4.1%	1.3%	4.4%	2.7%	2.7%	2.7%
Return on assets	2.5%	11.9%	6.1%	3.4%	5.6%	3.9%	5.1%	4.6%
Free cash flow yield	-3.6%	-17.2%	-21.6%	18.5%	3.8%	-7.2%	28.4%	15.3%
Earnings yield	1.6%	13.1%	16.0%	12.4%	21.7%	26.4%	39.6%	23.7%
Enterprise value	₹7.8B	₹3.8B	₹1.2B	₹753.1M	₹746.7M	₹455.9M	₹398.9M	₹479.7M
Net debt / EBITDA	2.53×	0.52×	0.07×	0.07×	0.21×	0.41×	0.37×	0.23×
Cash conversion cycle (days)	205	214	167	85	102	132	94	132