ZR2 Bioenergy Limited (ZR2.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

-90.4%

₹11.69

vs ₹121.40 price

Levered DCF

₹11.82

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

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	36.79×	1,097.6×	64.06×	319.09×	29.01×	123.16×	-206.47×	-24.89×
P/B	0.26×	0.7×	1.48×	2.6×	2.62×	2.87×	2.95×	2.9×
P/S	0×	65.36×	15.84×	7.22×	9.84×	9.84×	0×	0×
EV / EBITDA	15.25×	320.13×	74.01×	477.02×	31.08×	117.05×	490.79×	-26.53×
Gross margin	0.0%	16.0%	16.0%	-0.1%	22.1%	-0.3%	0.0%	0.0%
Operating margin	0.0%	-29.5%	7.3%	-12.0%	3.9%	-11.6%	0.0%	0.0%
Net margin	0.0%	6.0%	24.7%	2.3%	33.9%	8.0%	0.0%	0.0%
Current ratio	15.45×	126.65×	104.33×	355.72×	12.04×	23.34×	135.89×	11.96×
Debt / equity	0×	0×	1.31×	2.75×	0×	0×	0×	0.04×
Interest coverage	-1,117.13×	-4,407×	0.59×	-13.7×	190.36×	-950.17×	-39.89×	-111.6×
Dividend yield	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	3.6%	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	0.7%	0.1%	2.3%	0.8%	9.0%	2.3%	-1.4%	-11.7%
Return on invested capital	-0.6%	-0.1%	0.3%	-1.2%	1.0%	-3.4%	-3.5%	-17.3%
Return on assets	0.7%	0.1%	1.0%	0.2%	8.6%	2.3%	-1.4%	-11.0%
Free cash flow yield	-5.2%	-90.5%	-81.0%	-96.2%	8.0%	2.2%	-18.1%	-5.8%
Earnings yield	2.7%	0.1%	1.6%	0.3%	3.4%	0.8%	-0.5%	-4.0%
Enterprise value	₹181M	₹785.9M	₹426.3M	₹230.5M	₹100.3M	₹111.3M	₹108.3M	₹99.4M
Net debt / EBITDA	-15.88×	-77.77×	30.72×	241.78×	-4.13×	-2.51×	-24.45×	3.81×
Cash conversion cycle (days)	-400	-19	417	-36,276	368	-11,561	-2,597	-385