Tata Elxsi Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,650.08Overvalued by 16.77%vs CMP ₹3,184.00

P/E (28.1) × ROE (23.6%) × BV (₹488.00) × DY (2.36%)

₹1,354.40Overvalued by 57.46%vs CMP ₹3,184.00

MoS: -135.1% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹2,679.04	22%	Over (-15.9%)
Graham Number	Earnings	₹1,011.55	16%	Over (-68.2%)
Earnings Power	Earnings	₹1,018.86	13%	Over (-68%)
DCF	Cash Flow	₹1,044.98	13%	Over (-67.2%)
Net Asset Value	Assets	₹488.11	7%	Over (-84.7%)
EV/EBITDA	Enterprise	₹1,705.88	9%	Over (-46.4%)
Earnings Yield	Earnings	₹931.90	7%	Over (-70.7%)
ROCE Capital	Returns	₹760.45	9%	Over (-76.1%)
Revenue Multiple	Revenue	₹598.53	5%	Over (-81.2%)
Consensus (9 models)		₹1,354.40	100%	Overvalued

Key Drivers: Wide model spread (₹488–₹2,679) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 1.1%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 September 2026, 4:31 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹3,729.00 Cr, versus ₹3,552.00 Cr in Mar 2024 (5.0% year on year). Net profit for Mar 2025 was ₹785.00 Cr, versus ₹792.00 Cr in Mar 2024 (-0.9% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹812.00 Cr against net profit of ₹785.00 Cr. Cash flow covered 1.03 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹162.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Tata Elxsi Ltd scores 72/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health100/100 · Strong

ROCE 30.0% ExcellentROE 23.6% ExcellentD/E 0.00 Low debtInterest Coverage 72,265.0x StrongProfitable 5/5 available years Reported history

Smart Money45/100 · Moderate

FII holding down -2.68% (6mo) SellingDII holding up 0.66% MF buyingPromoter holding at 43.9% Stable

Earnings Quality65/100 · Strong

CFO/NP ratio: 0.86x Cash-backed earningsOPM contracting (31% → 28%) Declining

Quarterly Momentum40/100 · Moderate

Revenue (4Q): -1% YoY FlatProfit (4Q): -28% YoY Declining

Industry Rank90/100 · Strong

P/E 28.1 vs industry 46.3 Lower P/EROCE 30.0% vs industry 16.4% Above peersROE 23.6% vs industry 17.6% Above peers3Y sales CAGR: 15% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 25, 2026, 4:31 am

Market Cap	19,837 Cr.
Current Price	3,184
Intrinsic Value	₹1,354.40
High / Low	5,950/3,169
Stock P/E	28.1
Book Value	488
Dividend Yield	2.36 %
ROCE	30.0 %
ROE	23.6 %
Face Value	10.0
PEG Ratio	25.71

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Tata Elxsi Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Tata Elxsi Ltd	19,837 Cr.	3,184	5,950/3,169	28.1	488	2.36 %	30.0 %	23.6 %	10.0
KPIT Technologies Ltd	14,169 Cr.	517	1,285/514	22.7	129	1.45 %	26.3 %	20.9 %	10.0
Black Box Ltd	14,126 Cr.	795	1,104/444	49.4	72.5	0.13 %	21.6 %	25.7 %	2.00
IDream Film Infrastructure Company Ltd	14,008 Cr.	518	659/176		490	0.00 %	%	%	10.0
Cyient Ltd	11,758 Cr.	1,058	1,226/750	28.8	511	1.51 %	12.3 %	8.61 %	5.00
Industry Average	27,427.27 Cr	543.59		46.30	135.89	0.82%	16.38%	17.56%	6.76

All Competitor Stocks of Tata Elxsi Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	818	838	850	882	914	906	926	955	939	908	892	918	953
Expenses	571	588	599	618	644	645	674	689	693	701	705	725	731
Operating Profit	247	250	251	264	270	261	252	266	247	208	187	193	222
OPM %	30%	30%	30%	30%	30%	29%	27%	28%	26%	23%	21%	21%	23%
Other Income	19	26	22	31	35	34	32	64	40	43	38	49	-50
Interest	4	4	4	6	6	5	5	5	5	5	5	4	4
Depreciation	21	21	21	25	25	28	27	27	26	25	24	23	23
Profit before tax	240	250	248	264	274	262	252	299	256	221	196	215	146
Tax %	19%	19%	24%	24%	25%	25%	27%	23%	22%	22%	26%	28%	26%
Net Profit	195	202	189	200	206	197	184	229	199	172	144	155	109
EPS in Rs	31.26	32.36	30.32	32.12	33.15	31.62	29.56	36.84	31.95	27.68	23.18	24.85	17.48

Last Updated: February 6, 2026, 12:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 2:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	772	849	1,075	1,237	1,386	1,597	1,610	1,826	2,471	3,145	3,552	3,729	3,672
Expenses	635	672	827	964	1,039	1,181	1,266	1,303	1,704	2,182	2,505	2,755	2,862
Operating Profit	137	177	248	274	347	416	344	524	767	962	1,047	974	810
OPM %	18%	21%	23%	22%	25%	26%	21%	29%	31%	31%	29%	26%	22%
Other Income	16	4	12	18	43	43	58	40	45	74	122	179	81
Interest	3	1	1	1	1	1	7	7	10	17	21	20	17
Depreciation	35	25	23	27	25	25	43	44	55	81	99	105	95
Profit before tax	115	156	236	264	364	433	352	512	745	938	1,049	1,028	779
Tax %	35%	34%	34%	34%	34%	33%	27%	28%	26%	19%	24%	24%
Net Profit	75	103	155	175	240	290	256	368	550	755	792	785	580
EPS in Rs	12.06	16.52	24.85	28.05	38.54	46.56	41.12	59.11	88.26	121.26	127.21	126.03	93.19
Dividend Payout %	37%	33%	28%	29%	29%	29%	40%	81%	48%	50%	55%	60%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	37.33%	50.49%	12.90%	37.14%	20.83%	-11.72%	43.75%	49.46%	37.27%	4.90%	-0.88%
Change in YoY Net Profit Growth (%)	0.00%	13.15%	-37.58%	24.24%	-16.31%	-32.56%	55.47%	5.71%	-12.18%	-32.37%	-5.78%

Tata Elxsi Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	16%
5 Years:	18%
3 Years:	15%
TTM:	2%

Compounded Profit Growth
10 Years:	23%
5 Years:	25%
3 Years:	13%
TTM:	-5%

Stock Price CAGR
10 Years:	19%
5 Years:	36%
3 Years:	-15%
1 Year:	-30%

Return on Equity
10 Years:	34%
5 Years:	34%
3 Years:	34%
Last Year:	29%

Last Updated: September 5, 2025, 4:05 am

Balance Sheet

Last Updated: June 26, 2026, 6:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	31	31	31	62	62	62	62	62	62	62	62	62
Reserves	252	355	527	676	880	1,028	1,290	1,539	2,023	2,443	2,798	2,979
Borrowings	0	0	0	0	0	58	73	138	185	225	192	162
Other Liabilities	182	214	158	207	201	241	291	430	493	457	533	759
Total Liabilities	465	600	715	945	1,143	1,389	1,717	2,169	2,764	3,187	3,586	3,963
Fixed Assets	98	107	108	94	101	147	170	272	334	396	318	259
CWIP	3	2	1	2	0	1	7	22	7	2	2	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	364	491	607	848	1,042	1,241	1,540	1,876	2,423	2,789	3,266	3,703
Total Assets	465	600	715	945	1,143	1,389	1,717	2,169	2,764	3,187	3,586	3,963

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	143	121	144	197	215	256	437	483	487	701	812	664
Cash from Investing Activity +	-29	-31	28	-245	-162	43	-439	-106	-201	-274	-311	-70
Cash from Financing Activity +	-32	-41	-52	-60	-83	-124	-126	-326	-303	-428	-499	-535
Net Cash Flow	83	49	120	-108	-30	175	-128	51	-17	-1	2	59
Free Cash Flow	110	84	118	185	184	233	399	412	423	618	796	654
CFO/OP	103%	79%	88%	90%	86%	100%	107%	90%	70%	92%	106%	105%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	110.00	84.00	118.00	185.00	184.00	233.00	399.00	412.00	423.00	618.00	796.00	654.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	74	66	73	72	81	81	89	98	99	113	100	95
Inventory Days	0				0	6	8		2	1	2	0
Days Payable						205	212		244	202	162
Cash Conversion Cycle	74	66	73	72	81	-117	-116	98	-143	-88	-60	95
Working Capital Days	22	10	26	54	59	69	72	53	47	75	72	65
ROCE %	48%	60%	71%	56%	57%	51%	35%	40%	48%	48%	43%	36%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	43.92%	43.92%	43.92%	43.92%	43.91%	43.91%	43.91%	43.91%	43.90%	43.90%	43.90%	43.90%
FIIs	13.80%	15.02%	14.56%	13.67%	13.65%	13.27%	12.73%	12.74%	12.53%	8.56%	11.08%	9.85%
DIIs	4.80%	5.71%	6.06%	6.24%	7.38%	7.50%	8.54%	9.79%	10.37%	12.28%	11.39%	11.03%
Public	37.46%	35.34%	35.47%	36.16%	35.04%	35.30%	34.82%	33.54%	33.18%	35.24%	33.62%	35.20%
No. of Shareholders	5,66,920	5,16,330	5,37,460	5,74,515	5,50,841	5,72,719	5,89,967	5,79,310	5,78,736	5,73,312	5,66,988	5,89,805

Shareholding Pattern Chart

No. of Shareholders

Tata Elxsi Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
ICICI Prudential Technology Fund	91,332	0.31	48.62	N/A	N/A	N/A
Canara Robeco Small Cap Fund	79,728	0.33	42.44	N/A	N/A	N/A
NJ Flexi Cap Fund	43,626	0.94	23.22	43,063	2026-02-23 07:38:11	1.31%
NJ Balanced Advantage Fund	41,673	0.61	22.18	42,180	2026-02-22 10:29:43	-1.2%
Mirae Asset Arbitrage Fund	39,400	0.58	20.97	42,200	2026-02-22 10:29:43	-6.64%
UTI Multi Asset Allocation Fund	38,481	0.3	20.49	35,481	2026-02-23 06:03:13	8.46%
UTI Arbitrage Fund	38,100	0.19	20.28	47,200	2026-02-23 07:21:21	-19.28%
Tata Arbitrage Fund	27,200	0.07	14.48	88,100	2026-02-22 10:29:42	-69.13%
Baroda BNP Paribas ELSS Tax Saver Fund	15,000	0.88	7.99	N/A	N/A	N/A
Quant Teck Fund	14,129	2.81	7.52	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 15	Mar 14	Mar 13	Mar 12	Mar 11
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	32.76	23.21	6.84	11.11	10.44
Diluted EPS (Rs.)	32.76	23.21	6.84	11.11	10.44
Cash EPS (Rs.)	40.97	34.44	14.80	19.02	15.97
Book Value[Excl.RevalReserv]/Share (Rs.)	91.02	75.70	62.68	61.65	58.57
Book Value[Incl.RevalReserv]/Share (Rs.)	91.02	75.70	62.68	61.65	58.57
Revenue From Operations / Share (Rs.)	272.78	248.82	199.65	173.01	133.57
PBDIT / Share (Rs.)	58.02	47.85	24.70	25.11	16.40
PBIT / Share (Rs.)	49.82	36.62	17.07	18.53	10.87
PBT / Share (Rs.)	49.82	36.03	10.72	17.78	10.27
Net Profit / Share (Rs.)	32.76	23.21	7.18	12.43	10.44
NP After MI And SOA / Share (Rs.)	32.76	23.21	6.84	11.11	10.44
PBDIT Margin (%)	21.26	19.23	12.36	14.51	12.27
PBIT Margin (%)	18.26	14.71	8.55	10.70	8.13
PBT Margin (%)	18.26	14.47	5.36	10.27	7.68
Net Profit Margin (%)	12.01	9.32	3.59	7.18	7.81
NP After MI And SOA Margin (%)	12.01	9.32	3.42	6.42	7.81
Return on Networth / Equity (%)	35.99	30.65	10.91	18.01	17.83
Return on Capital Employeed (%)	52.72	46.03	25.97	28.47	17.75
Return On Assets (%)	21.91	18.60	5.86	10.33	10.77
Total Debt / Equity (X)	0.00	0.00	0.29	0.17	0.13
Asset Turnover Ratio (%)	1.99	2.06	1.75	1.63	1.38
Current Ratio (X)	1.92	1.69	1.19	1.32	1.35
Quick Ratio (X)	1.91	1.69	1.19	1.32	1.34
Dividend Payout Ratio (NP) (%)	33.57	38.78	73.06	63.01	67.03
Dividend Payout Ratio (CP) (%)	26.85	26.13	34.57	39.55	43.83
Earning Retention Ratio (%)	66.43	61.22	26.94	36.99	32.97
Cash Earning Retention Ratio (%)	73.15	73.87	65.43	60.45	56.17
Interest Coverage Ratio (X)	72264.96	81.56	19.68	33.62	27.12
Interest Coverage Ratio (Post Tax) (X)	40809.36	40.56	10.79	17.64	18.27
Enterprise Value (Cr.)	3473.01	1643.70	630.41	617.44	795.86
EV / Net Operating Revenue (X)	4.09	2.12	1.01	1.15	1.91
EV / EBITDA (X)	19.22	11.03	8.20	7.89	15.59
MarketCap / Net Operating Revenue (X)	4.25	2.19	0.95	1.13	1.90
Retention Ratios (%)	66.42	61.21	26.93	36.98	32.96
Price / BV (X)	12.72	7.19	3.05	3.18	4.34
Price / Net Operating Revenue (X)	4.25	2.19	0.95	1.13	1.90
EarningsYield	0.02	0.04	0.03	0.05	0.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Tata Elxsi Ltd and is it undervalued?

Tata Elxsi Ltd: the stored intrinsic value estimate is ₹1,354.40, compared with a stored share price of ₹3,184.00. The model value is 57.5% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Tata Elxsi Ltd?

The stored share price is ₹3,184.00. Price-data record updated: 25 September 2026, 4:31 am +05:30. This is not a live quote. The stored 52-week high / low is 5,950/3,169; this is a rolling range, not a financial-year range.

How have Tata Elxsi Ltd's revenue and profit changed?

Does Tata Elxsi Ltd's profit convert into cash?

What should I check in Tata Elxsi Ltd's balance sheet?

Reported borrowings were ₹162.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Tata Elxsi Ltd's P/E with other stocks?

The stored P/E is 28.10. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Tata Elxsi Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.