Duncan Engineering Limited (DUNCANENG.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

+103.3%

₹492.02

vs ₹242.00 price

Levered DCF

₹476.57

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.31

Safe zone

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	27.98×	27.37×	23.29×	12.91×	13.38×	5.32×	9.97×	9.57×
P/B	2.24×	2.51×	3.03×	2.76×	2.28×	1.4×	1.45×	1.39×
P/S	1.69×	1.68×	2.46×	1.83×	1.5×	1.03×	0.75×	0.6×
EV / EBITDA	18.06×	19.88×	14.52×	8.88×	8.52×	8.39×	5.09×	5.74×
Gross margin	21.0%	42.0%	48.2%	44.7%	44.2%	41.2%	43.1%	38.2%
Operating margin	5.7%	20.5%	11.4%	17.1%	14.7%	8.6%	11.8%	20.2%
Net margin	6.0%	6.2%	10.6%	14.1%	11.2%	19.3%	7.5%	6.3%
Current ratio	3.46×	3.59×	3.78×	3.08×	2.45×	1.98×	1.74×	1.19×
Debt / equity	0.08×	0.05×	0.02×	0.03×	0.03×	0.01×	0.03×	0.35×
Interest coverage	12.39×	24.21×	73.57×	72.73×	48.47×	18.07×	12.39×	12.39×
Dividend yield	0.8%	0.9%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	22.8%	24.8%	5.4%	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	8.0%	9.2%	13.0%	21.3%	17.0%	26.3%	14.6%	14.5%
Return on invested capital	5.1%	21.8%	9.9%	18.6%	15.7%	11.5%	21.5%	30.4%
Return on assets	6.0%	6.9%	10.0%	15.7%	12.2%	19.0%	10.0%	8.0%
Free cash flow yield	-1.2%	2.5%	1.3%	9.1%	9.7%	12.4%	20.8%	16.7%
Earnings yield	3.6%	3.7%	4.3%	7.7%	7.5%	18.8%	10.0%	10.4%
Enterprise value	₹1.3B	₹1.4B	₹1.6B	₹1.3B	₹834.6M	₹421.9M	₹331.8M	₹313.3M
Net debt / EBITDA	-0.38×	0.23×	-0.01×	0.1×	-0.01×	-0.06×	0.1×	0.86×
Cash conversion cycle (days)	88	81	106	63	71	75	96	93