After recent Q3 FY26 Results, following is the situation:
Calculation of (EV + VNB) per Share
• Total (EV + VNB): ₹61,565 crore + ₹2,773 crore = ₹64,338 crore.
• Per Share Value: ₹64,338 crore / 215.8 crore shares = ₹298.14 per share.
Using the formula: Current Share Price / (EV + VNB) per Share
• Ratio: ₹729 / ₹298.14 = 2.45x
This looks below its historical average.
If my calculations are correct, then it might be undervalued as of now.
Even if VNB is excluded from EV + VNB calculations then the ratio is 2.5.
Let me know if this is undervalued now based on EV. What could be future prospects for this business after GST rationalization ?