Zeal Aqua Ltd (ZEAL.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

-580.4%

-₹49.05

vs ₹10.21 price

Levered DCF

₹25.10

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B+

Overall 3 / 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	9.99×	14.79×	16.26×	11.61×	17.24×	19.26×	11.95×	17.64×
P/B	1.37×	1.67×	1.71×	1.16×	1.57×	1.42×	1.17×	2.72×
P/S	0.21×	0.3×	0.34×	0.23×	0.29×	0.28×	0.27×	0.57×
EV / EBITDA	11.79×	7.51×	10.26×	8.19×	10.01×	7.99×	6.35×	7.78×
Gross margin	10.0%	12.1%	9.4%	6.1%	9.6%	11.6%	6.2%	15.1%
Operating margin	3.4%	5.4%	4.3%	3.8%	2.9%	3.4%	5.5%	8.0%
Net margin	2.1%	2.0%	2.1%	1.9%	1.7%	1.4%	2.2%	3.2%
Current ratio	1.3×	1.28×	1.34×	1.34×	1.5×	1.22×	1.17×	1.15×
Debt / equity	1.8×	1.93×	1.99×	1.93×	1.99×	2.06×	1.75×	1.82×
Interest coverage	1.05×	1.24×	1.25×	1×	0.97×	0.78×	1.11×	1.85×
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	13.7%	11.3%	10.5%	10.0%	9.0%	7.3%	9.8%	15.5%
Return on invested capital	5.6%	7.1%	5.9%	5.8%	4.2%	4.8%	7.7%	10.8%
Return on assets	4.1%	3.0%	2.8%	2.6%	2.6%	1.6%	2.5%	4.2%
Free cash flow yield	7.0%	6.4%	10.1%	26.5%	-7.4%	7.3%	20.1%	7.3%
Earnings yield	10.0%	6.8%	6.1%	8.6%	5.8%	5.1%	8.4%	5.7%
Enterprise value	₹3.3B	₹3.2B	₹2.9B	₹2.2B	₹2.3B	₹2B	₹1.5B	₹2.2B
Net debt / EBITDA	6.69×	4.01×	5.44×	5.11×	5.57×	4.64×	3.71×	3.04×
Cash conversion cycle (days)	134	161	169	163	122	158	140	125