Zenith Exports Limited (ZENITHEXPO.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

-52.4%

₹80.94

vs ₹170.00 price

Levered DCF

₹25.13

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	42.56×	69.71×	318.04×	27.05×	52.09×	-29.17×	-11.02×	-3.16×
P/B	1.16×	1.45×	1.2×	0.53×	0.67×	0.49×	0.22×	0.31×
P/S	1.51×	1.65×	1.22×	0.71×	0.6×	0.78×	0.22×	0.27×
EV / EBITDA	20.15×	29.67×	30.68×	10.42×	15.19×	29.87×	22.58×	-6×
Gross margin	29.9%	19.7%	16.8%	22.4%	18.8%	23.6%	15.5%	15.2%
Operating margin	-0.9%	-7.4%	-2.0%	-1.4%	-0.5%	-3.4%	-6.5%	-1.6%
Net margin	3.5%	2.4%	0.4%	2.6%	1.1%	-2.7%	-1.8%	-8.6%
Current ratio	5.9×	4.74×	5.52×	3.88×	3.81×	4.3×	4.14×	3.3×
Debt / equity	0.03×	0.09×	0.07×	0.12×	0.18×	0.1×	0.11×	0.2×
Interest coverage	-0.85×	-6.32×	-1.69×	-0.77×	-0.38×	-1.28×	-3.74×	-0.88×
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	2.7%	2.1%	0.4%	2.0%	1.3%	-1.7%	-1.8%	-9.8%
Return on invested capital	-0.5%	-4.1%	-0.8%	-0.7%	-0.4%	-1.5%	-4.7%	-1.2%
Return on assets	2.3%	1.7%	0.3%	1.6%	1.0%	-1.4%	-1.4%	-7.3%
Free cash flow yield	6.8%	-5.0%	-7.4%	44.7%	-29.4%	6.3%	90.6%	-38.3%
Earnings yield	2.3%	1.4%	0.3%	3.7%	1.9%	-3.4%	-8.3%	-31.7%
Enterprise value	₹934.9M	₹1.2B	₹895M	₹455.8M	₹585.4M	₹393.7M	₹218.6M	₹408.9M
Net debt / EBITDA	-0.86×	0.31×	-2.26×	0.67×	1.55×	1.21×	4.77×	-2.36×
Cash conversion cycle (days)	253	205	191	227	233	282	179	233