Zenith Healthcare Limited (ZENITHHE.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

-11.8%

₹3.02

vs ₹3.43 price

Levered DCF

₹0.44

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.65

Safe 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	806.67×	354.55×	113.72×	274.48×	123.36×	69.23×	8.09×	92.52×
P/B	0.55×	3.21×	3.16×	2.96×	5.36×	4.45×	0.75×	2.18×
P/S	0.39×	2.1×	1.6×	1.63×	1.71×	2.2×	0.4×	1.28×
EV / EBITDA	-28.51×	41.07×	42.86×	50.95×	68.83×	36.6×	4.3×	55.31×
Gross margin	34.4%	34.7%	31.9%	36.0%	40.8%	40.4%	34.3%	29.4%
Operating margin	-3.7%	-1.2%	0.9%	-1.1%	0.8%	2.9%	2.4%	-0.4%
Net margin	0.0%	0.6%	1.4%	0.6%	1.4%	3.2%	4.7%	1.4%
Current ratio	2.09×	2.42×	3.03×	3.54×	2.1×	3.32×	2.88×	4.1×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-44.79×	-11.68×	9.67×	-19.75×	14.07×	46.85×	43.17×	-9.75×
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	0.1%	0.9%	2.8%	1.1%	4.3%	6.4%	8.8%	2.4%
Return on invested capital	-1.7%	-0.5%	1.3%	-1.3%	1.3%	4.6%	4.4%	-0.5%
Return on assets	0.0%	0.6%	2.1%	0.8%	2.7%	5.0%	6.6%	2.0%
Free cash flow yield	-22.5%	1.2%	7.0%	-4.5%	2.8%	-5.4%	30.4%	-0.9%
Earnings yield	0.1%	0.3%	0.9%	0.4%	0.8%	1.4%	11.8%	1.1%
Enterprise value	₹37.4M	₹210M	₹213.8M	₹206.7M	₹374.6M	₹299M	₹23.5M	₹116.5M
Net debt / EBITDA	2.82×	-5.35×	-3.57×	-1.78×	-1.57×	-0.69×	-4.46×	-4.64×
Cash conversion cycle (days)	148	123	104	162	117	126	54	129