Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Divi's Laboratories Limited
Physical assets are 62.8% of total assets, a heavy footprint. Capex is 5.44x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 16.7%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.22x. Compare it with other names in the same basket.
Physical asset ratio
62.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 86.35BpropertyPlantAndEquipmentNetInventoryINR 39.54BinventoryTotal assetsINR 200.33BtotalAssetsResult 62.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.22xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 105.60BtotalRevenueNet PP&EINR 86.35BpropertyPlantAndEquipmentNetResult 1.22x
Revenue per dollar of the physical asset base.
Capex / D&A
5.44xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 25.20BcapitalExpendituresD&AINR 4.63BdepreciationAndAmortizationResult 5.44x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 631.25Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 200.33BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 60.00MintangibleAssetsLiabilitiesINR 32.72BtotalLiabTangible bookINR 167.55BShares265,426,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 631.25
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
15.49xPrice / tangible bookPrice / tangible book per sharePriceINR 9.78KLatest quoteTangible book / shareINR 631.252026-03-31Result 15.49x
Price INR 9.78K.
Fixed-charge coverage
54.16xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 38.74BebitdaCapexINR 25.20BcapitalExpendituresInterestINR 230.00MinterestExpenseShort-term debtINR 20.00MshortTermDebtEBITDA − capexINR 13.54BPrincipal due is short-term debt.Result 54.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.2%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 4.97BfreeCashFlowMarket capINR 2,565.49BMarketCapitalizationResult 0.2%
Latest free cash flow divided by current market cap (INR 2,565.49B).
ROIC
16.7%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 29.78BoperatingIncomeTax expenseINR 8.20BincomeTaxExpensePretax incomeINR 33.88BincomeBeforeTaxTax rate24.2%EquityINR 167.61BtotalStockholderEquityDebtINR 70.00MshortLongTermDebtTotalCashINR 32.36BcashAndShortTermInvestmentsInvested capitalINR 135.32BResult 16.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 54.1%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 25.76BpropertyPlantEquipmentInventoryINR 17.72BinventoryTotal assetsINR 80.38BtotalAssetsResult 54.1% | 1.87xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 48.04BtotalRevenueNet PP&EINR 25.76BpropertyPlantEquipmentResult 1.87x | 4.34xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 7.33BcapitalExpendituresD&AINR 1.69BdepreciationAndAmortizationResult 4.34x | INR 261.92Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 80.38BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 40.50MintangibleAssetsLiabilitiesINR 10.81BtotalLiabTangible bookINR 69.53BShares265,469,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 261.92 | 11.92xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 20.26BebitdaCapexINR 7.33BcapitalExpendituresInterestINR 28.50MinterestExpenseShort-term debtINR 1.06BshortTermDebtEBITDA − capexINR 12.93BPrincipal due is short-term debt.Result 11.92x | INR 2.21BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 9.54BtotalCashFromOperatingActivitiesCapexINR 7.33BcapitalExpendituresFree cash flowINR 2.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.21B | 22.1%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 17.10BoperatingIncomeTax expenseINR 5.02BincomeTaxExpensePretax incomeINR 18.55BincomeBeforeTaxTax rate27.1%EquityINR 69.57BtotalStockholderEquityDebtINR 1.06BshortLongTermDebtTotalCashINR 14.11BcashAndShortTermInvestmentsInvested capitalINR 56.51BResult 22.1% | 0.66xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 17.10BoperatingIncomeNet PP&EINR 25.76BpropertyPlantEquipmentResult 0.66x |
| 2020 | 65.2%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 36.98BpropertyPlantEquipmentInventoryINR 18.64BinventoryTotal assetsINR 85.36BtotalAssetsResult 65.2% | 1.43xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 52.91BtotalRevenueNet PP&EINR 36.98BpropertyPlantEquipmentResult 1.43x | 6.35xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 11.83BcapitalExpendituresD&AINR 1.86BdepreciationAndAmortizationResult 6.35x | INR 275.22Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 85.36BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 36.00MintangibleAssetsLiabilitiesINR 12.26BtotalLiabTangible bookINR 73.06BShares265,469,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 275.22 | 20.31xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 20.11BebitdaCapexINR 11.83BcapitalExpendituresInterestINR 71.30MinterestExpenseShort-term debtINR 336.30MshortLongTermDebtEBITDA − capexINR 8.28BPrincipal due is the current portion of debt.Result 20.31x | INR 327.30MFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 12.16BtotalCashFromOperatingActivitiesCapexINR 11.83BcapitalExpendituresFree cash flowINR 327.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 327.30M | 19.6%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 16.41BoperatingIncomeTax expenseINR 4.43BincomeTaxExpensePretax incomeINR 18.19BincomeBeforeTaxTax rate24.3%EquityINR 73.10BtotalStockholderEquityDebtINR 388.50MshortLongTermDebtTotalCashINR 10.26BcashAndShortTermInvestmentsInvested capitalINR 63.23BResult 19.6% | 0.44xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 16.41BoperatingIncomeNet PP&EINR 36.98BpropertyPlantEquipmentResult 0.44x |
| 2021 | 60.8%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 44.10BpropertyPlantEquipmentInventoryINR 21.45BinventoryTotal assetsINR 107.74BtotalAssetsResult 60.8% | 1.56xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 68.58BtotalRevenueNet PP&EINR 44.10BpropertyPlantEquipmentResult 1.56x | 3.56xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 9.10BcapitalExpendituresD&AINR 2.56BdepreciationAndAmortizationResult 3.56x | INR 349.93Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 107.74BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 49.50MintangibleAssetsLiabilitiesINR 14.79BtotalLiabTangible bookINR 92.90BShares265,468,579commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 349.93 | 824.52xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 29.22BebitdaCapexINR 9.10BcapitalExpendituresInterestINR 20.90MinterestExpenseShort-term debtINR 3.50MshortLongTermDebtEBITDA − capexINR 20.12BPrincipal due is the current portion of debt.Result 824.52x | INR 10.37BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 19.47BtotalCashFromOperatingActivitiesCapexINR 9.10BcapitalExpendituresFree cash flowINR 10.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 10.37B | 27.0%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 26.16BoperatingIncomeTax expenseINR 6.82BincomeTaxExpensePretax incomeINR 26.66BincomeBeforeTaxTax rate25.6%EquityINR 92.95BtotalStockholderEquityDebtINR 3.50MlongTermDebt + shortLongTermDebtCashINR 20.85BcashAndShortTermInvestmentsInvested capitalINR 72.10BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 27.0% | 0.59xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 26.16BoperatingIncomeNet PP&EINR 44.10BpropertyPlantEquipmentResult 0.59x |
| 2022 | 56.9%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 47.87BpropertyPlantEquipmentInventoryINR 28.29BinventoryTotal assetsINR 133.75BtotalAssetsResult 56.9% | 1.84xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 87.99BtotalRevenueNet PP&EINR 47.87BpropertyPlantEquipmentResult 1.84x | 2.29xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 7.13BcapitalExpendituresD&AINR 3.12BdepreciationAndAmortizationResult 2.29x | INR 441.51Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 133.75BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 74.90MintangibleAssetsLiabilitiesINR 16.47BtotalLiabTangible bookINR 117.21BShares265,469,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 441.51 | 1,168.04xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 39.95BebitdaCapexINR 7.13BcapitalExpendituresInterestINR 19.90MinterestExpenseShort-term debtINR 8.20MshortTermDebtEBITDA − capexINR 32.82BPrincipal due is short-term debt.Result 1,168.04x | INR 11.99BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 19.12BtotalCashFromOperatingActivitiesCapexINR 7.13BcapitalExpendituresFree cash flowINR 11.99BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 11.99B | 31.9%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 35.74BoperatingIncomeTax expenseINR 7.23BincomeTaxExpensePretax incomeINR 36.84BincomeBeforeTaxTax rate19.6%EquityINR 117.28BtotalStockholderEquityDebtINR 36.90MshortLongTermDebtTotalCashINR 27.42BcashAndShortTermInvestmentsInvested capitalINR 89.90BResult 31.9% | 0.75xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 35.74BoperatingIncomeNet PP&EINR 47.87BpropertyPlantEquipmentResult 0.75x |
| 2023 | 54.9%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 49.29BpropertyPlantEquipmentInventoryINR 30.00BinventoryTotal assetsINR 144.39BtotalAssetsResult 54.9% | 1.56xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 76.65BtotalRevenueNet PP&EINR 49.29BpropertyPlantEquipmentResult 1.56x | 1.38xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 4.73BcapitalExpendituresD&AINR 3.43BdepreciationAndAmortizationResult 1.38x | INR 480.73Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 144.39BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 50.00MintangibleAssetsLiabilitiesINR 16.72BtotalLiabTangible bookINR 127.62BShares265,469,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 480.73 | 649.03xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 27.12BebitdaCapexINR 4.73BcapitalExpendituresInterestINR 19.60MinterestExpenseShort-term debtINR 14.90MshortTermDebtEBITDA − capexINR 22.39BPrincipal due is short-term debt.Result 649.03x | INR 19.87BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 24.60BtotalCashFromOperatingActivitiesCapexINR 4.73BcapitalExpendituresFree cash flowINR 19.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 19.87B | 18.1%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 20.27BoperatingIncomeTax expenseINR 5.45BincomeTaxExpensePretax incomeINR 23.69BincomeBeforeTaxTax rate23.0%EquityINR 127.67BtotalStockholderEquityDebtINR 44.90MshortLongTermDebtTotalCashINR 41.36BcashAndShortTermInvestmentsInvested capitalINR 86.36BResult 18.1% | 0.41xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 20.27BoperatingIncomeNet PP&EINR 49.29BpropertyPlantEquipmentResult 0.41x |
| 2024 | 56.2%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 55.13BpropertyPlantEquipmentInventoryINR 31.84BinventoryTotal assetsINR 154.70BtotalAssetsResult 56.2% | 1.41xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 77.96BtotalRevenueNet PP&EINR 55.13BpropertyPlantEquipmentResult 1.41x | 2.65xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 10.03BcapitalExpendituresD&AINR 3.78BdepreciationAndAmortizationResult 2.65x | INR 511.05Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 154.70BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 40.00MintangibleAssetsLiabilitiesINR 18.99BtotalLiabTangible bookINR 135.67BShares265,472,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 511.05 | 385.25xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 25.44BebitdaCapexINR 10.03BcapitalExpendituresInterestINR 30.00MinterestExpenseShort-term debtINR 10.00MshortTermDebtEBITDA − capexINR 15.41BPrincipal due is short-term debt.Result 385.25x | INR 2.58BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 12.61BtotalCashFromOperatingActivitiesCapexINR 10.03BcapitalExpendituresFree cash flowINR 2.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.58B | 13.7%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 18.32BoperatingIncomeTax expenseINR 5.63BincomeTaxExpensePretax incomeINR 21.63BincomeBeforeTaxTax rate26.0%EquityINR 135.71BtotalStockholderEquityDebtINR 30.00MshortLongTermDebtTotalCashINR 37.01BcashAndShortTermInvestmentsInvested capitalINR 98.73BResult 13.7% | 0.33xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 18.32BoperatingIncomeNet PP&EINR 55.13BpropertyPlantEquipmentResult 0.33x |
| 2025 | 59.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 66.98BpropertyPlantAndEquipmentNetInventoryINR 33.23BinventoryTotal assetsINR 169.47BtotalAssetsResult 59.1% | 1.39xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 93.25BtotalRevenueNet PP&EINR 66.98BpropertyPlantAndEquipmentNetResult 1.39x | 3.58xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 14.38BcapitalExpendituresD&AINR 4.02BdepreciationAndAmortizationResult 3.58x | INR 563.72Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 169.47BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 40.00MintangibleAssetsLiabilitiesINR 19.78BtotalLiabTangible bookINR 149.65BShares265,469,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 563.72 | 376.40xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 33.20BebitdaCapexINR 14.38BcapitalExpendituresInterestINR 30.00MinterestExpenseShort-term debtINR 20.00MshortTermDebtEBITDA − capexINR 18.82BPrincipal due is short-term debt.Result 376.40x | INR 5.08BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 19.46BtotalCashFromOperatingActivitiesCapexINR 14.38BcapitalExpendituresFree cash flowINR 5.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 5.08B | 17.2%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 25.71BoperatingIncomeTax expenseINR 7.25BincomeTaxExpensePretax incomeINR 29.16BincomeBeforeTaxTax rate24.9%EquityINR 149.69BtotalStockholderEquityDebtINR 20.00MlongTermDebt + shortLongTermDebtCashINR 37.15BcashAndShortTermInvestmentsInvested capitalINR 112.56BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.2% | 0.38xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 25.71BoperatingIncomeNet PP&EINR 66.98BpropertyPlantAndEquipmentNetResult 0.38x |
| 2026 | 62.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 86.35BpropertyPlantAndEquipmentNetInventoryINR 39.54BinventoryTotal assetsINR 200.33BtotalAssetsResult 62.8% | 1.22xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 105.60BtotalRevenueNet PP&EINR 86.35BpropertyPlantAndEquipmentNetResult 1.22x | 5.44xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 25.20BcapitalExpendituresD&AINR 4.63BdepreciationAndAmortizationResult 5.44x | INR 631.25Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 200.33BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 60.00MintangibleAssetsLiabilitiesINR 32.72BtotalLiabTangible bookINR 167.55BShares265,426,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 631.25 | 54.16xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 38.74BebitdaCapexINR 25.20BcapitalExpendituresInterestINR 230.00MinterestExpenseShort-term debtINR 20.00MshortTermDebtEBITDA − capexINR 13.54BPrincipal due is short-term debt.Result 54.16x | INR 4.97BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 30.17BtotalCashFromOperatingActivitiesCapexINR 25.20BcapitalExpendituresFree cash flowINR 4.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 4.97B | 16.7%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 29.78BoperatingIncomeTax expenseINR 8.20BincomeTaxExpensePretax incomeINR 33.88BincomeBeforeTaxTax rate24.2%EquityINR 167.61BtotalStockholderEquityDebtINR 70.00MshortLongTermDebtTotalCashINR 32.36BcashAndShortTermInvestmentsInvested capitalINR 135.32BResult 16.7% | 0.34xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 29.78BoperatingIncomeNet PP&EINR 86.35BpropertyPlantAndEquipmentNetResult 0.34x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: INR 86.35B
Inventory: INR 39.54B
Total assets: INR 200.33B
Goodwill: INR 0.00
Intangibles: INR 60.00M
Liabilities: INR 32.72B
Tangible book: INR 167.55B
Shares: 265,426,000
Revenue: INR 105.60B
Capex: INR 25.20B
D&A: INR 4.63B
EBITDA: INR 38.74B
Interest: INR 230.00M
Short-term debt: INR 20.00M
Free cash flow: INR 4.97B
Operating income: INR 29.78B
Invested capital: INR 135.32B
Tax rate: 24.2%