WSFX Global Pay Limited (WSFX.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

+116.9%

₹139.03

vs ₹64.09 price

Levered DCF

₹651.88

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.7

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.11×	24.79×	22.94×	27.97×	-6.29×	-4.49×	-29.89×	245×
P/B	2×	2.37×	2.91×	1.19×	1.1×	0.77×	0.43×	0.8×
P/S	0.01×	0.02×	0.02×	0.01×	0.01×	0.02×	0×	0.01×
EV / EBITDA	5.89×	8.87×	13.19×	11.52×	-7.89×	-3.96×	15.99×	21.72×
Gross margin	0.7%	-0.0%	-0.1%	-0.0%	-0.1%	0.9%	0.7%	0.6%
Operating margin	0.2%	0.1%	0.1%	0.0%	-0.3%	-0.4%	-0.0%	-0.1%
Net margin	0.1%	0.1%	0.1%	0.0%	-0.2%	-0.4%	-0.0%	0.0%
Current ratio	0.84×	1.46×	1.38×	1.11×	1.41×	1.94×	2.69×	2.47×
Debt / equity	0.41×	0.38×	0.14×	0.52×	0.58×	0.34×	0.25×	0.25×
Interest coverage	5.04×	5.43×	4.36×	0.79×	-8.52×	-11.12×	-0.88×	-1.14×
Dividend yield	2.3%	1.4%	0.0%	0.0%	0.0%	7.5%	13.4%	0.0%
Payout ratio	30.6%	34.8%	0.0%	0.0%	0.0%	-33.8%	-399.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.8%	9.5%	12.7%	4.3%	-17.5%	-17.3%	-1.4%	0.3%
Return on invested capital	12.8%	5.3%	8.6%	1.7%	-9.9%	-9.8%	-2.0%	-2.9%
Return on assets	3.7%	3.6%	5.5%	1.7%	-8.0%	-11.0%	-1.0%	0.2%
Free cash flow yield	46.6%	0.8%	22.0%	-16.1%	8.9%	-36.6%	9.8%	3.3%
Earnings yield	7.4%	4.0%	4.4%	3.6%	-15.9%	-22.3%	-3.4%	0.4%
Enterprise value	₹854.5M	₹953.2M	₹986M	₹448.7M	₹294.1M	₹209.1M	₹213.5M	₹373.9M
Net debt / EBITDA	0.2×	0.87×	0.53×	3.11×	-0.44×	0.4×	4.31×	3.57×
Cash conversion cycle (days)	-2	0	0	1	1	2	1	1