Hyderabad-based maker of radars, EW systems, antennas & GaN/GaAs MMICs for defence and space, since 1991.
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 17 | 17 | 17 | 17 | 19 | 19 | 19 | 19 |
| Reserves | 523 | 541 | 568 | 625 | 947 | 1.1k | 1.1k | 1.3k |
| Borrowings | 60 | 122 | 70 | 186 | 238 | 424 | 278 | 288 |
| Other Liabilities | 296 | 265 | 313 | 228 | 270 | 329 | 326 | 386 |
| Total Liabilities | 895 | 945 | 969 | 1.1k | 1.5k | 1.9k | 1.8k | 2.0k |
| AssetsFixed Assets | 161 | 153 | 160 | 167 | 170 | 229 | 227 | 267 |
| CWIP | 12 | 0 | 0 | 2 | 13 | 3 | 1 | 9 |
| Investments | 26 | 30 | 14 | 11 | 24 | 32 | 36 | 50 |
| Other Assets | 696 | 762 | 795 | 877 | 1.3k | 1.6k | 1.5k | 1.7k |
| Total Assets | 895 | 945 | 969 | 1.1k | 1.5k | 1.9k | 1.8k | 2.0k |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 1 | -7 | -25 | 115 | -25 | -182 | -90 | 387 |
| Cash from Investing | 85 | -30 | -1 | -26 | -28 | -44 | -76 | -85 |
| Cash from Financing | -98 | 37 | 34 | -79 | 75 | 232 | 141 | -196 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -12 | -25 | -28 | 87 | -59 | -229 | -169 | 304 |
| FCF Margin | — | — | — | — | — | — | — | — |
The Earnings Per Share over the last 12 months.
Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).
Pre-filled with the lower of median (58.0×) and current (82.9×) PE — the conservative anchor.
The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.
At 39.6% growth and a 58× exit, ₹1684 only delivers your return if you pay ₹3,058. The price is currently baking in 25% growth.
EPS grows 39.6%/yr for 5 years, then fades to 6% over 2, exits at 58×.
| Year | Growth | EPS (₹) |
|---|---|---|
| FY27 | 39.6% | 28.37 |
| FY28 | 39.6% | 39.60 |
| FY29 | 39.6% | 55.28 |
| FY30 | 39.6% | 77.17 |
| FY31 | 39.6% | 107.73 |
| FY32 | 22.8% ·fade | 132.30 |
| FY33 | 6.0% ·fade | 140.23 |
Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.
Guides on how to read this kind of business and the numbers that matter.