White Organic Agro Limited (WHITEORG.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

-76.6%

₹0.80

vs ₹3.42 price

Levered DCF

-₹0.55

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

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	10.68×	8.11×	29.55×	19.69×	6.13×	49.63×	62.47×	16.23×
P/B	0.18×	0.25×	0.62×	0.44×	1×	0.22×	0.27×	1.4×
P/S	0.79×	0.72×	1.03×	0.14×	0.36×	0.18×	0.09×	0.24×
EV / EBITDA	6.74×	5.85×	12.33×	13.18×	4.93×	32.31×	26.52×	10.14×
Gross margin	-2.9%	0.9%	4.5%	0.8%	4.2%	0.1%	0.3%	3.1%
Operating margin	-21.5%	-12.3%	-3.3%	-0.0%	3.5%	-2.1%	-1.4%	1.7%
Net margin	7.4%	8.8%	3.5%	0.7%	5.9%	0.4%	0.1%	1.5%
Current ratio	0.98×	0.89×	11.26×	4.84×	1.85×	1.86×	1.59×	1.57×
Debt / equity	0×	0×	0×	0.23×	0×	0.06×	0.03×	0.01×
Interest coverage	-1,360.67×	-430.89×	-1.06×	-0.02×	4,042.85×	-659.76×	-106.49×	510.13×
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	1.7%	3.0%	2.1%	2.3%	16.3%	0.4%	0.4%	8.6%
Return on invested capital	-3.3%	-3.1%	-1.4%	-0.0%	7.9%	-1.7%	-2.8%	7.0%
Return on assets	1.4%	2.7%	2.0%	1.6%	8.3%	0.2%	0.2%	3.9%
Free cash flow yield	6.1%	-31.7%	-10.6%	19.5%	-2.7%	-60.3%	-21.3%	-15.4%
Earnings yield	9.4%	12.2%	3.4%	5.1%	16.3%	2.0%	1.6%	6.2%
Enterprise value	₹98.4M	₹136.4M	₹340.3M	₹343.3M	₹534.2M	₹179.9M	₹139.5M	₹719.6M
Net debt / EBITDA	-0.39×	-0.21×	-0.21×	3.92×	-0.04×	6.78×	-6.16×	-1.23×
Cash conversion cycle (days)	-8	-22	-32	-7	76	267	67	38