Zenotech Laboratories Limited (ZENOTECH.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

-11.6%

₹34.63

vs ₹39.20 price

Levered DCF

₹46.64

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

8.43

Safe zone

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	-190.5×	58.08×	45.9×	34.05×	17.82×	-323.5×	36.55×	-126.86×
P/B	2.15×	3.39×	4.21×	4.8×	5.59×	8.16×	7.96×	10.15×
P/S	5.16×	8.36×	10.36×	10.3×	12.15×	20.38×	15.22×	30.31×
EV / EBITDA	31.84×	19.03×	19.82×	17.61×	22.24×	60.85×	45.93×	336.98×
Gross margin	6.7%	101.8%	91.6%	90.7%	92.1%	87.7%	89.2%	82.3%
Operating margin	-4.2%	8.8%	65.9%	25.0%	70.1%	-16.2%	15.6%	-58.3%
Net margin	-2.7%	14.4%	22.6%	30.2%	68.2%	-6.3%	41.6%	-24.0%
Current ratio	3.4×	2.86×	1.93×	0.98×	0.47×	0.49×	0.16×	0.42×
Debt / equity	0×	0×	0×	0×	0.08×	0.43×	0.38×	0.52×
Interest coverage	0×	0×	0×	85.47×	18.75×	-2.03×	4.54×	-64.53×
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	-1.1%	5.8%	9.2%	14.1%	31.4%	-2.5%	21.7%	-8.0%
Return on invested capital	0.4%	1.8%	19.5%	9.1%	29.0%	-4.4%	5.8%	-12.8%
Return on assets	-1.0%	5.1%	7.8%	11.5%	23.6%	-1.4%	12.6%	-3.7%
Free cash flow yield	1.8%	1.7%	2.2%	3.7%	4.0%	0.2%	-2.6%	-8.1%
Earnings yield	-0.5%	1.7%	2.2%	2.9%	5.6%	-0.3%	2.7%	-0.8%
Enterprise value	₹1.7B	₹3B	₹3.6B	₹3.8B	₹4B	₹4.1B	₹4.1B	₹4B
Net debt / EBITDA	-5.57×	-1.7×	-1.08×	-0.51×	0.2×	2.68×	1.96×	5.91×
Cash conversion cycle (days)	44	-1,026	-182	-320	-230	-205	-129	-479