C.J. Gelatine Products Limited (CJGEL.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

-21.4%

₹18.86

vs ₹24.00 price

Levered DCF

-₹156.58

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.14

Grey zone

Rating

D+

Overall 1 / 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	29.81×	84.47×	-4.39×	46.85×	26.74×	19.79×	15.22×	10.64×
P/B	1.59×	1.65×	1.81×	1.5×	1.22×	0.88×	0.4×	0.45×
P/S	0.15×	0.17×	0.21×	0.3×	0.23×	0.18×	0.12×	0.15×
EV / EBITDA	13.09×	13.69×	14.73×	13.88×	13.37×	10.07×	8.15×	4.88×
Gross margin	9.3%	22.3%	21.6%	23.0%	8.1%	21.2%	27.8%	10.6%
Operating margin	4.0%	2.7%	3.3%	4.5%	3.9%	3.7%	4.6%	5.9%
Net margin	0.5%	0.2%	-4.8%	0.6%	0.9%	0.9%	0.8%	1.4%
Current ratio	1.77×	1.69×	1.48×	1.5×	1.5×	1.36×	1.29×	1.21×
Debt / equity	6.06×	5×	4.15×	2.7×	2.45×	1.65×	1.17×	0.57×
Interest coverage	1.18×	0.88×	1×	1.21×	1.3×	1.37×	1.16×	1.77×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.3%	1.9%	-41.2%	3.2%	4.6%	4.4%	2.6%	4.2%
Return on invested capital	4.1%	1.7%	3.9%	4.5%	5.1%	6.1%	6.4%	8.1%
Return on assets	0.6%	0.2%	-5.9%	0.6%	1.0%	1.1%	0.7%	1.2%
Free cash flow yield	-43.2%	-1.9%	14.9%	-1.4%	-57.1%	-64.3%	-193.3%	24.7%
Earnings yield	3.4%	1.2%	-22.8%	2.1%	3.7%	5.1%	6.5%	9.3%
Enterprise value	₹298.5M	₹278.6M	₹281.4M	₹303.7M	₹278.3M	₹189.2M	₹132.1M	₹84.8M
Net debt / EBITDA	10.37×	10.29×	10.26×	8.93×	8.92×	6.42×	6.07×	2.58×
Cash conversion cycle (days)	214	224	237	264	226	158	182	83