Zodiac Ventures Limited (ZODIACVEN.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

+1563.2%

₹21.46

vs ₹1.29 price

Levered DCF

-₹0.29

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

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	6.21×	27.5×	81.67×	25.27×	216.55×	168.39×	17,500×	-387.73×
P/B	0.22×	1.91×	2.38×	5.54×	12.18×	0.98×	4.73×	14.42×
P/S	2.79×	17.33×	53.23×	0.52×	88.02×	0.87×	237.3×	294.74×
EV / EBITDA	12.3×	15.6×	7.86×	7.56×	15.28×	4.7×	16.86×	54.23×
Gross margin	130.6%	944.2%	2320.6%	16.8%	769.2%	100.4%	7787.8%	2246.5%
Operating margin	65.4%	214.8%	1474.6%	10.4%	425.6%	40.2%	1686.0%	539.6%
Net margin	45.0%	63.2%	64.6%	2.1%	40.0%	0.5%	1.3%	-75.1%
Current ratio	1.29×	0.64×	0.13×	1.15×	1.13×	1.1×	1.16×	1.19×
Debt / equity	0.43×	1.89×	3.37×	3.36×	1.98×	1.69×	1.49×	1.69×
Interest coverage	1.32×	1.47×	1.05×	1.68×	0.69×	0.88×	0.7×	0.86×
Dividend yield	8.6%	3.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	53.5%	92.8%	0.0%	0.0%	0.0%	0.0%	2.5%	-11.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.5%	7.0%	2.9%	22.0%	5.5%	0.6%	0.0%	-3.7%
Return on invested capital	2.8%	7.0%	-18.0%	11.2%	5.7%	7.0%	3.6%	5.2%
Return on assets	1.8%	1.7%	1.2%	1.5%	0.2%	0.0%	0.0%	-0.3%
Free cash flow yield	-198.2%	3.5%	-48.3%	140.0%	7.8%	1.4%	11.6%	-0.8%
Earnings yield	16.1%	3.6%	1.2%	4.0%	0.5%	0.6%	0.0%	-0.3%
Enterprise value	₹283.9M	₹552.2M	₹856.6M	₹832.1M	₹1B	₹296.3M	₹684.4M	₹1.8B
Net debt / EBITDA	8.14×	7.76×	4.51×	2.85×	2.11×	2.97×	4×	5.66×
Cash conversion cycle (days)	-8,649	-388	18,707	437	-2,470	-944,905	-1,697	7,348