Zee Learn Limited (ZEELEARN.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

+319.0%

₹23.84

vs ₹5.69 price

Levered DCF

₹73.49

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.48

Distress zone

Rating

Overall 4 / 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	3.6×	14.03×	1.29×	-0.24×	-148.5×	-38.33×	9.07×	12.06×
P/B	0.59×	0.91×	1.15×	5.51×	0.87×	0.73×	0.84×	2.12×
P/S	0.32×	0.45×	0.59×	0.33×	1.63×	1.31×	0.78×	1.78×
EV / EBITDA	3.08×	4.45×	2.28×	-1.44×	10.2×	8.03×	4.76×	7.03×
Gross margin	35.4%	48.9%	73.2%	69.8%	77.7%	77.7%	30.5%	37.7%
Operating margin	13.7%	42.6%	22.0%	4.5%	7.0%	-1.4%	21.8%	26.3%
Net margin	8.8%	3.2%	45.7%	-136.8%	-1.1%	-3.4%	8.6%	14.7%
Current ratio	1.01×	0.91×	0.75×	0.37×	0.48×	0.54×	0.46×	0.72×
Debt / equity	1.61×	2.03×	1.97×	24.05×	0.95×	0.96×	0.97×	1×
Interest coverage	1.57×	4.33×	1.91×	0.35×	0.41×	-0.07×	1.99×	3.12×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	0.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	9.0%	5.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.4%	6.5%	89.1%	-2304.9%	-0.6%	-1.9%	9.3%	17.7%
Return on invested capital	4.5%	8.7%	9.9%	1.9%	-22.5%	-0.3%	3.9%	7.7%
Return on assets	2.4%	0.8%	15.0%	-43.3%	-0.2%	-0.6%	2.9%	5.1%
Free cash flow yield	68.1%	40.2%	22.7%	35.7%	15.2%	3.3%	28.5%	-4.8%
Earnings yield	27.8%	7.1%	77.4%	-418.4%	-0.7%	-2.6%	11.0%	8.3%
Enterprise value	₹4.6B	₹5.5B	₹5.5B	₹5.4B	₹8.2B	₹7.8B	₹8.5B	₹13.3B
Net debt / EBITDA	2.15×	3.01×	1.41×	-1.16×	5.14×	4.54×	2.53×	2.18×
Cash conversion cycle (days)	46	58	93	-124	-284	-383	10	2