Zenlabs Ethica Limited (ZENLABS.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

+100.9%

₹53.45

vs ₹26.60 price

Levered DCF

-₹12.59

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	-6.15×	77.44×	64.31×	92.08×	23.75×	17.92×	-32.21×	27.65×
P/B	1.4×	1.99×	2.68×	4.64×	1.99×	1.61×	3.2×	4.22×
P/S	0.25×	0.4×	0.46×	0.67×	0.27×	0.24×	0.4×	0.52×
EV / EBITDA	-183.59×	12.11×	15.34×	20.71×	9.06×	8.76×	-36.62×	15.6×
Gross margin	27.5%	27.6%	25.2%	20.3%	18.4%	17.5%	17.5%	22.7%
Operating margin	1.9%	2.5%	1.9%	2.7%	11.5%	10.0%	-1.6%	2.8%
Net margin	-4.1%	0.5%	0.7%	0.7%	1.1%	1.4%	-1.2%	1.9%
Current ratio	1.29×	1.33×	1.32×	1.27×	1.33×	1.28×	1.23×	1.26×
Debt / equity	1.29×	1.22×	1.47×	0.6×	0.42×	0.3×	0.21×	0.07×
Interest coverage	1.1×	1.41×	1.4×	3.37×	21.76×	19.94×	-4.26×	26.92×
Dividend yield	0.0%	0.0%	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	33.3%	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	-22.7%	2.6%	4.2%	5.0%	8.4%	9.0%	-9.9%	15.3%
Return on invested capital	4.3%	3.3%	3.1%	7.7%	35.0%	44.3%	-6.5%	13.6%
Return on assets	-5.2%	0.7%	1.0%	1.1%	2.1%	2.4%	-2.2%	3.6%
Free cash flow yield	34.1%	18.3%	-33.5%	-0.1%	-2.2%	-61.1%	1.7%	1.2%
Earnings yield	-16.3%	1.3%	1.6%	1.1%	4.2%	5.6%	-3.1%	3.6%
Enterprise value	₹199.7M	₹317M	₹410.4M	₹508.4M	₹224.5M	₹162.8M	₹237.1M	₹340.7M
Net debt / EBITDA	-74.27×	4.17×	5.21×	2.36×	1.57×	1.35×	-0.03×	-0.39×
Cash conversion cycle (days)	118	127	138	22	25	12	4	5