Dhanuka Agritech Limited (DHANUKA.NS) 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

+59.8%

₹1,522.21

vs ₹952.80 price

Levered DCF

₹1,219.32

After debt service

Piotroski score

4 / 9

Average

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	14.1×	19.1×	19.17×	12.14×	16×	15.46×	10.95×	17.37×
P/B	2.41×	4.04×	3.65×	2.67×	3.48×	4.09×	2.19×	3.04×
P/S	2.01×	2.79×	2.64×	1.67×	2.28×	2.37×	1.39×	1.96×
EV / EBITDA	10.06×	13.79×	12.75×	8.86×	11.35×	10.92×	7.73×	11.87×
Gross margin	27.7%	40.1%	38.0%	34.4%	35.8%	37.1%	35.8%	38.2%
Operating margin	16.8%	31.6%	16.5%	16.0%	17.3%	18.7%	14.2%	13.4%
Net margin	14.2%	14.6%	13.8%	13.7%	14.3%	15.3%	12.7%	11.3%
Current ratio	4.09×	3.29×	3.69×	3.01×	3.14×	3.11×	3.37×	3.64×
Debt / equity	0.02×	0.05×	0.02×	0.03×	0.03×	0.06×	0.02×	0.03×
Interest coverage	91.48×	126×	92.87×	87.37×	75.08×	112.77×	92.31×	447.32×
Dividend yield	0.2%	0.5%	1.0%	1.0%	1.4%	0.0%	4.7%	0.9%
Payout ratio	3.1%	9.2%	19.1%	12.0%	22.3%	0.0%	51.1%	15.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.1%	21.2%	19.0%	22.0%	21.8%	26.4%	20.0%	17.5%
Return on invested capital	14.8%	32.5%	16.5%	18.8%	18.8%	21.9%	16.6%	14.1%
Return on assets	13.7%	16.5%	15.1%	16.6%	15.9%	18.6%	15.2%	13.5%
Free cash flow yield	4.5%	1.2%	1.0%	0.4%	1.3%	6.7%	9.6%	-0.1%
Earnings yield	7.1%	5.2%	5.2%	8.2%	6.2%	6.5%	9.1%	5.8%
Enterprise value	₹40.6B	₹57.5B	₹46.1B	₹28.7B	₹33.7B	₹33B	₹15.3B	₹19.8B
Net debt / EBITDA	0.03×	0.17×	0.07×	0.09×	0.1×	0.16×	-0.06×	0.13×
Cash conversion cycle (days)	194	185	197	154	167	172	173	198