Zodiac Energy Limited (ZODIAC.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

-3905.8%

-₹7,888.27

vs ₹207.27 price

Levered DCF

-₹7,720.88

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.01

Safe zone

Rating

Overall 3 / 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	15.38×	30.1×	52.65×	40.48×	24.13×	4.67×	2.82×	4.01×
P/B	2.78×	6.28×	12.15×	3.58×	4×	0.75×	0.36×	0.61×
P/S	0.6×	1.49×	2.63×	0.94×	0.92×	0.21×	0.12×	0.2×
EV / EBITDA	9.56×	20.59×	31×	20.33×	14.83×	4.26×	2.79×	3.42×
Gross margin	17.2%	17.2%	11.0%	8.5%	8.5%	10.4%	10.8%	10.9%
Operating margin	8.4%	14.9%	8.4%	5.5%	5.9%	6.8%	7.2%	7.4%
Net margin	3.9%	4.9%	5.0%	2.3%	3.8%	4.4%	4.4%	4.9%
Current ratio	1.42×	1.96×	1.71×	1.64×	1.97×	2.03×	2.13×	3.53×
Debt / equity	2.08×	1.81×	0.86×	1.27×	0.54×	0.49×	0.25×	0.2×
Interest coverage	2.37×	6.96×	4.17×	2.39×	5.24×	6.69×	6.66×	16.84×
Dividend yield	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	43.3%	0.0%
Payout ratio	5.4%	0.0%	0.0%	0.0%	0.0%	0.0%	121.9%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.0%	20.7%	23.1%	8.8%	16.6%	16.1%	12.8%	15.1%
Return on invested capital	8.9%	16.0%	15.4%	6.7%	11.7%	12.2%	11.7%	12.9%
Return on assets	4.4%	6.6%	9.5%	3.4%	6.9%	7.9%	6.9%	10.9%
Free cash flow yield	-14.5%	-21.7%	2.4%	-20.2%	-0.7%	-28.4%	-9.5%	-46.3%
Earnings yield	6.5%	3.3%	1.9%	2.5%	4.1%	21.4%	35.5%	24.9%
Enterprise value	₹5.3B	₹7.6B	₹6.2B	₹1.7B	₹1.5B	₹315.8M	₹140.7M	₹164.2M
Net debt / EBITDA	3.75×	4.23×	1.97×	4.84×	1.46×	1.47×	1.11×	0.83×
Cash conversion cycle (days)	141	157	119	186	124	148	190	137