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.
Sundaram Finance Limited
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.25x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.72x, which is below 1.
Fixed-asset turnover is 12.67x. Compare it with other names in the same basket.
Physical asset ratio
0.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 7.75BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 857.95BtotalAssetsInventory was not reported and is treated as zero.Result 0.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.67xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 98.16BtotalRevenueNet PP&EINR 7.75BpropertyPlantAndEquipmentNetResult 12.67x
Revenue per dollar of the physical asset base.
Capex / D&A
0.25xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 624.20McapitalExpendituresD&AINR 2.46BdepreciationAndAmortizationResult 0.25x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 1.29KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 857.95BtotalAssetsGoodwillINR 4.72BgoodWillIntangiblesINR 1.63BintangibleAssetsLiabilitiesINR 709.02BtotalLiabTangible bookINR 142.59BShares110,211,000commonStockSharesOutstandingResult INR 1.29K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.03xPrice / tangible bookPrice / tangible book per sharePriceINR 3.92KLatest quoteTangible book / shareINR 1.29K2026-03-31Result 3.03x
Price INR 3.92K.
Fixed-charge coverage
0.72xFixed-charge coverage · 2026-03-31(EBITDA − capex) / interestEBITDAINR 29.80BebitdaCapexINR 624.20McapitalExpendituresInterestINR 40.60BinterestExpenseEBITDA − capexINR 29.17BShort-term debt was not reported, so the denominator is interest only.Result 0.72x
EBITDA minus capex, divided by interest only.
FCF yield
7.7%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 33.56BfreeCashFlowMarket capINR 434.37BMarketCapitalizationResult 7.7%
Latest free cash flow divided by current market cap (INR 434.37B).
ROIC
3.4%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 33.09BoperatingIncomeTax expenseINR 6.75BincomeTaxExpensePretax incomeINR 27.34BincomeBeforeTaxTax rate24.7%EquityINR 148.94BtotalStockholderEquityDebtINR 607.63BshortLongTermDebtTotalCashINR 15.20BcashInvested capitalINR 741.37BResult 3.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 4.27x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 0.7%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.44BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 336.71BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 14.42xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 35.21BtotalRevenueNet PP&EINR 2.44BpropertyPlantEquipmentResult 14.42x | 0.66xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 384.68McapitalExpendituresD&AINR 580.74MdepreciationAndAmortizationResult 0.66x | INR 712.56Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 336.71BtotalAssetsGoodwillINR 1.38BgoodWillIntangiblesINR 125.82MintangibleAssetsLiabilitiesINR 256.73BtotalLiabTangible bookINR 78.48BShares110,137,932commonStockSharesOutstandingResult INR 712.56 | 0.10xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 14.76BebitdaCapexINR 384.68McapitalExpendituresInterestINR 17.66BinterestExpenseShort-term debtINR 131.90BshortTermDebtEBITDA − capexINR 14.37BPrincipal due is short-term debt.Result 0.10x | -INR 42.37BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-INR 41.98BtotalCashFromOperatingActivitiesCapexINR 384.68McapitalExpendituresFree cash flow-INR 42.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 42.37B | 8.2%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 26.06BoperatingIncomeTax expenseINR 3.88BincomeTaxExpensePretax incomeINR 16.46BincomeBeforeTaxTax rate23.6%EquityINR 62.59BtotalStockholderEquityDebtINR 190.94BlongTermDebt + shortLongTermDebtCashINR 9.20BcashInvested capitalINR 244.34BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.2% | 10.67xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 26.06BoperatingIncomeNet PP&EINR 2.44BpropertyPlantEquipmentResult 10.67x |
| 2020 | -85.4%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 3.57BpropertyPlantEquipmentInventory-INR 385.45BinventoryTotal assetsINR 447.21BtotalAssetsResult -85.4% | 12.81xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 45.69BtotalRevenueNet PP&EINR 3.57BpropertyPlantEquipmentResult 12.81x | 0.56xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 501.67McapitalExpendituresD&AINR 895.32MdepreciationAndAmortizationResult 0.56x | INR 693.74Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 447.21BtotalAssetsGoodwillINR 4.74BgoodWillIntangiblesINR 158.76MintangibleAssetsLiabilitiesINR 365.89BtotalLiabTangible bookINR 76.42BShares110,162,150commonStockSharesOutstandingResult INR 693.74 | 0.14xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 10.89BebitdaCapexINR 501.67McapitalExpendituresInterestINR 24.30BinterestExpenseShort-term debtINR 48.94BshortTermDebtEBITDA − capexINR 10.39BPrincipal due is short-term debt.Result 0.14x | -INR 413.88MFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 87.80MtotalCashFromOperatingActivitiesCapexINR 501.67McapitalExpendituresFree cash flow-INR 413.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 413.88M | 5.9%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 31.17BoperatingIncomeTax expenseINR 2.10BincomeTaxExpensePretax incomeINR 10.40BincomeBeforeTaxTax rate20.2%EquityINR 66.77BtotalStockholderEquityDebtINR 354.25BshortLongTermDebtTotalCashINR 1.53BcashInvested capitalINR 419.49BResult 5.9% | 8.74xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 31.17BoperatingIncomeNet PP&EINR 3.57BpropertyPlantEquipmentResult 8.74x |
| 2021 | -84.0%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 3.31BpropertyPlantEquipmentInventory-INR 394.85BinventoryTotal assetsINR 465.93BtotalAssetsResult -84.0% | 15.67xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 51.91BtotalRevenueNet PP&EINR 3.31BpropertyPlantEquipmentResult 15.67x | 0.16xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 147.09McapitalExpendituresD&AINR 929.70MdepreciationAndAmortizationResult 0.16x | INR 813.82Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 465.93BtotalAssetsGoodwillINR 4.74BgoodWillIntangiblesINR 97.11MintangibleAssetsLiabilitiesINR 371.42BtotalLiabTangible bookINR 89.67BShares110,180,940commonStockSharesOutstandingResult INR 813.82 | 0.04xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 14.23BebitdaCapexINR 147.09McapitalExpendituresInterestINR 26.59BinterestExpenseShort-term debtINR 304.60BshortTermDebtEBITDA − capexINR 14.08BPrincipal due is short-term debt.Result 0.04x | INR 4.35BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 4.50BtotalCashFromOperatingActivitiesCapexINR 147.09McapitalExpendituresFree cash flowINR 4.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 4.35B | 7.2%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 34.44BoperatingIncomeTax expenseINR 3.28BincomeTaxExpensePretax incomeINR 15.51BincomeBeforeTaxTax rate21.1%EquityINR 77.30BtotalStockholderEquityDebtINR 304.60BlongTermDebt + shortLongTermDebtCashINR 2.36BcashInvested capitalINR 379.54BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.2% | 10.40xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 34.44BoperatingIncomeNet PP&EINR 3.31BpropertyPlantEquipmentResult 10.40x |
| 2022 | -78.6%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 3.59BpropertyPlantAndEquipmentNetInventory-INR 382.27BinventoryTotal assetsINR 481.54BtotalAssetsResult -78.6% | 14.00xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 50.30BtotalRevenueNet PP&EINR 3.59BpropertyPlantAndEquipmentNetResult 14.00x | 2.73xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 2.76BcapitalExpendituresD&AINR 1.01BdepreciationAndAmortizationResult 2.73x | INR 941.81Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 481.54BtotalAssetsGoodwillINR 4.76BgoodWillIntangiblesINR 2.36BintangibleAssetsLiabilitiesINR 370.65BtotalLiabTangible bookINR 103.78BShares110,189,715commonStockSharesOutstandingResult INR 941.81 | 0.04xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 15.18BebitdaCapexINR 2.76BcapitalExpendituresInterestINR 22.48BinterestExpenseShort-term debtINR 301.41BshortTermDebtEBITDA − capexINR 12.41BPrincipal due is short-term debt.Result 0.04x | INR 15.86BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 18.62BtotalCashFromOperatingActivitiesCapexINR 2.76BcapitalExpendituresFree cash flowINR 15.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 15.86B | 6.7%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 32.59BoperatingIncomeTax expenseINR 3.50BincomeTaxExpensePretax incomeINR 16.46BincomeBeforeTaxTax rate21.3%EquityINR 87.95BtotalStockholderEquityDebtINR 302.07BshortLongTermDebtTotalCashINR 7.24BcashInvested capitalINR 382.77BResult 6.7% | 9.07xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 32.59BoperatingIncomeNet PP&EINR 3.59BpropertyPlantAndEquipmentNetResult 9.07x |
| 2023 | 3.0%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 5.11BpropertyPlantEquipmentInventoryINR 11.45BinventoryTotal assetsINR 560.66BtotalAssetsResult 3.0% | 10.41xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 53.21BtotalRevenueNet PP&EINR 5.11BpropertyPlantEquipmentResult 10.41x | 0.18xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 253.50McapitalExpendituresD&AINR 1.39BdepreciationAndAmortizationResult 0.18x | INR 1.08KTangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 560.66BtotalAssetsGoodwillINR 4.74BgoodWillIntangiblesINR 2.18BintangibleAssetsLiabilitiesINR 434.27BtotalLiabTangible bookINR 119.47BShares110,197,192commonStockSharesOutstandingResult INR 1.08K | 0.05xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 18.50BebitdaCapexINR 253.50McapitalExpendituresInterestINR 23.69BinterestExpenseShort-term debtINR 358.81BshortTermDebtEBITDA − capexINR 18.24BPrincipal due is short-term debt.Result 0.05x | -INR 65.30BFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-INR 65.04BtotalCashFromOperatingActivitiesCapexINR 253.50McapitalExpendituresFree cash flow-INR 65.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 65.30B | 6.4%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 37.00BoperatingIncomeTax expenseINR 4.29BincomeTaxExpensePretax incomeINR 19.39BincomeBeforeTaxTax rate22.1%EquityINR 99.10BtotalStockholderEquityDebtINR 358.81BshortLongTermDebtTotalCashINR 9.57BcashAndEquivalentsInvested capitalINR 448.34BResult 6.4% | 7.24xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 37.00BoperatingIncomeNet PP&EINR 5.11BpropertyPlantEquipmentResult 7.24x |
| 2024 | 1.0%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 6.43BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 642.76BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 10.85xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 69.78BtotalRevenueNet PP&EINR 6.43BpropertyPlantAndEquipmentNetResult 10.85x | 0.46xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 833.50McapitalExpendituresD&AINR 1.83BdepreciationAndAmortizationResult 0.46x | INR 943.86Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 642.76BtotalAssetsGoodwillINR 4.72BgoodWillIntangiblesINR 2.04BintangibleAssetsLiabilitiesINR 531.98BtotalLiabTangible bookINR 104.02BShares110,207,000commonStockSharesOutstandingResult INR 943.86 | 0.04xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.44BebitdaCapexINR 833.50McapitalExpendituresInterestINR 33.51BinterestExpenseShort-term debtINR 443.52BshortTermDebtEBITDA − capexINR 20.61BPrincipal due is short-term debt.Result 0.04x | -INR 85.69BFree cash flow · 2024-03-31Reported free cash flowOperating cash flow-INR 84.86BtotalCashFromOperatingActivitiesCapexINR 833.50McapitalExpendituresFree cash flow-INR 85.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 85.69B | 7.2%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 50.16BoperatingIncomeTax expenseINR 5.39BincomeTaxExpensePretax incomeINR 23.81BincomeBeforeTaxTax rate22.6%EquityINR 110.78BtotalStockholderEquityDebtINR 443.52BshortLongTermDebtTotalCashINR 15.03BcashInvested capitalINR 539.28BResult 7.2% | 7.80xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 50.16BoperatingIncomeNet PP&EINR 6.43BpropertyPlantAndEquipmentNetResult 7.80x |
| 2025 | 1.0%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 7.39BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 753.37BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 11.28xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 83.38BtotalRevenueNet PP&EINR 7.39BpropertyPlantEquipmentResult 11.28x | 0.21xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 460.90McapitalExpendituresD&AINR 2.23BdepreciationAndAmortizationResult 0.21x | INR 1.14KTangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 753.37BtotalAssetsGoodwillINR 4.73BgoodWillIntangiblesINR 1.84BintangibleAssetsLiabilitiesINR 621.40BtotalLiabTangible bookINR 125.41BShares110,212,000commonStockSharesOutstandingResult INR 1.14K | 0.12xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 26.70BebitdaCapexINR 460.90McapitalExpendituresInterestINR 41.24BinterestExpenseShort-term debtINR 172.23BshortTermDebtEBITDA − capexINR 26.24BPrincipal due is short-term debt.Result 0.12x | -INR 90.31BFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-INR 89.85BtotalCashFromOperatingActivitiesCapexINR 460.90McapitalExpendituresFree cash flow-INR 90.31BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 90.31B | 7.0%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 59.66BoperatingIncomeTax expenseINR 6.35BincomeTaxExpensePretax incomeINR 25.14BincomeBeforeTaxTax rate25.2%EquityINR 131.97BtotalStockholderEquityDebtINR 524.06BshortLongTermDebtTotalCashINR 21.32BcashAndShortTermInvestmentsInvested capitalINR 634.71BResult 7.0% | 8.07xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 59.66BoperatingIncomeNet PP&EINR 7.39BpropertyPlantEquipmentResult 8.07x |
| 2026 | 0.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 7.75BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 857.95BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 12.67xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 98.16BtotalRevenueNet PP&EINR 7.75BpropertyPlantAndEquipmentNetResult 12.67x | 0.25xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 624.20McapitalExpendituresD&AINR 2.46BdepreciationAndAmortizationResult 0.25x | INR 1.29KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 857.95BtotalAssetsGoodwillINR 4.72BgoodWillIntangiblesINR 1.63BintangibleAssetsLiabilitiesINR 709.02BtotalLiabTangible bookINR 142.59BShares110,211,000commonStockSharesOutstandingResult INR 1.29K | 0.72xFixed-charge coverage · 2026-03-31(EBITDA − capex) / interestEBITDAINR 29.80BebitdaCapexINR 624.20McapitalExpendituresInterestINR 40.60BinterestExpenseEBITDA − capexINR 29.17BShort-term debt was not reported, so the denominator is interest only.Result 0.72x | INR 33.56BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 34.19BtotalCashFromOperatingActivitiesCapexINR 624.20McapitalExpendituresFree cash flowINR 33.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 33.56B | 3.4%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 33.09BoperatingIncomeTax expenseINR 6.75BincomeTaxExpensePretax incomeINR 27.34BincomeBeforeTaxTax rate24.7%EquityINR 148.94BtotalStockholderEquityDebtINR 607.63BshortLongTermDebtTotalCashINR 15.20BcashInvested capitalINR 741.37BResult 3.4% | 4.27xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 33.09BoperatingIncomeNet PP&EINR 7.75BpropertyPlantAndEquipmentNetResult 4.27x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2026)
Net PP&E: INR 7.75B
Inventory: INR 0.00
Total assets: INR 857.95B
Goodwill: INR 4.72B
Intangibles: INR 1.63B
Liabilities: INR 709.02B
Tangible book: INR 142.59B
Shares: 110,211,000
Revenue: INR 98.16B
Capex: INR 624.20M
D&A: INR 2.46B
EBITDA: INR 29.80B
Interest: INR 40.60B
Short-term debt: —
Free cash flow: INR 33.56B
Operating income: INR 33.09B
Invested capital: INR 741.37B
Tax rate: 24.7%