B.N.Rathi Securities Limited (BNRSEC.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+461.8%

₹95.00

vs ₹16.91 price

Levered DCF

₹46.36

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	5.83×	11.63×	9.11×	3.75×	3.81×	0.65×	0.82×	2.34×
P/B	0.7×	1.55×	1.53×	0.16×	0.16×	0.1×	0.07×	0.14×
P/S	1.33×	3.03×	2.6×	0.18×	0.19×	0.08×	0.05×	0.1×
EV / EBITDA	-0.77×	5.51×	2.95×	-1.77×	-2.43×	0.25×	-3.69×	-0.39×
Gross margin	9.4%	8.1%	151.9%	26.5%	4.4%	109.4%	100.0%	100.0%
Operating margin	12.8%	8.8%	13.6%	15.4%	10.8%	9.1%	74.8%	78.9%
Net margin	22.6%	26.0%	28.5%	18.7%	16.2%	12.2%	6.5%	4.4%
Current ratio	0.97×	0.75×	1.41×	1.33×	1.3×	1.24×	1.47×	1.46×
Debt / equity	0×	0×	0×	0×	0.05×	0.28×	0.01×	0×
Interest coverage	7.1×	3.73×	6.19×	3.77×	2.66×	4.47×	35.51×	49.41×
Dividend yield	3.7%	1.4%	1.3%	11.8%	10.2%	0.0%	86.9%	25.2%
Payout ratio	22.0%	16.2%	12.0%	11.1%	12.1%	0.0%	71.4%	59.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.0%	13.3%	16.7%	17.3%	13.7%	14.6%	8.0%	5.9%
Return on invested capital	4.7%	3.3%	1.8%	10.2%	6.3%	5.7%	66.4%	66.3%
Return on assets	4.6%	5.1%	5.1%	4.9%	3.4%	3.1%	2.8%	2.0%
Free cash flow yield	18.7%	-21.0%	4.5%	-74.9%	685.8%	1289.5%	953.8%	-145.3%
Earnings yield	17.0%	8.6%	11.0%	106.4%	84.7%	153.1%	121.6%	42.7%
Enterprise value	-₹114.1M	₹780.9M	₹452.9M	-₹220.1M	-₹195.9M	₹15.7M	-₹107.7M	-₹9.1M
Net debt / EBITDA	-4.53×	-2.26×	-3.31×	-2.35×	-3.16×	-0.13×	-4.17×	-1.64×
Cash conversion cycle (days)	139	134	-1,248	-1,337	-1,305	-1,314	-665	-648