Yes Bank Limited (YESBANK.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

-61.9%

₹5.89

vs ₹15.45 price

Levered DCF

-₹27.07

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.64

Distress zone

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	15.4×	21.94×	54.33×	53.75×	29.29×	-9.45×	-3.56×	418.03×
P/B	1.06×	1.12×	1.66×	0.97×	0.95×	1.23×	2.7×	26.74×
P/S	1.45×	1.38×	2.08×	1.63×	1.48×	1.87×	2.53×	21.39×
EV / EBITDA	15.55×	26.11×	46.84×	77.14×	72.95×	-35.32×	-8.52×	312.46×
Gross margin	42.7%	43.3%	41.7%	38.8%	42.1%	42.0%	16.8%	41.1%
Operating margin	12.5%	8.3%	4.6%	4.1%	19.7%	-11.4%	-90.0%	7.0%
Net margin	9.4%	6.3%	3.8%	3.0%	4.9%	-16.0%	-71.0%	5.1%
Current ratio	0×	0×	0.26×	0×	1.59×	0×	0×	2.13×
Debt / equity	1.28×	1.5×	2.16×	2.19×	2.59×	2.47×	5.68×	4.78×
Interest coverage	0.23×	0.15×	0.08×	0.07×	0.34×	-0.2×	-1.08×	0.12×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-3.4%	36.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.9%	5.1%	3.0%	1.8%	3.2%	-10.5%	-75.7%	6.4%
Return on invested capital	0.7%	0.6%	0.4%	7.5%	59.1%	-30.7%	-430.1%	33.7%
Return on assets	0.7%	0.6%	0.3%	0.2%	0.3%	-1.3%	-6.4%	0.4%
Free cash flow yield	26.1%	-23.4%	12.4%	-67.6%	72.3%	122.6%	-99.6%	-3.5%
Earnings yield	6.5%	4.6%	1.8%	1.9%	3.3%	-8.6%	-28.1%	0.2%
Enterprise value	₹811.9B	₹970.7B	₹975.8B	₹1.1T	₹1.1T	₹1.1T	₹1.7T	₹8.3T
Net debt / EBITDA	5.19×	11.68×	13.32×	49.31×	51.11×	-22.33×	-5.67×	41.62×
Cash conversion cycle (days)	0	40	20	-641	-1,528	20	-260	19