Enkei Wheels (India) Limited (ENKEIWHEL.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

-174.4%

-₹297.42

vs ₹400.00 price

Levered DCF

-₹323.97

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.12

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	170.86×	456.22×	86.94×	279.66×	37.53×	-14.42×	187.33×	49.56×
P/B	3.66×	5.16×	4.36×	4.7×	2.94×	2.37×	2.78×	4.89×
P/S	0.9×	1.44×	1.42×	1.57×	1.36×	1.92×	1.37×	1.35×
EV / EBITDA	12.06×	21.07×	17.03×	22.11×	20.43×	487.17×	68.24×	17.62×
Gross margin	8.4%	33.3%	8.0%	31.2%	9.7%	45.9%	13.8%	19.7%
Operating margin	3.3%	1.2%	2.8%	2.7%	4.1%	31.6%	-3.9%	2.7%
Net margin	0.5%	0.3%	1.6%	0.6%	3.6%	-13.3%	0.7%	2.7%
Current ratio	1.11×	1.07×	1.05×	1.02×	1.03×	1.17×	1.26×	1.26×
Debt / equity	0.88×	0.88×	0.71×	0.73×	0.9×	0.97×	0.8×	0.66×
Interest coverage	1.41×	0.72×	1.84×	1.11×	22.44×	6.14×	-3.35×	2.82×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.1%	1.1%	5.0%	1.7%	7.8%	-16.4%	1.5%	9.9%
Return on invested capital	5.0%	2.2%	3.3%	1.7%	4.1%	17.9%	-2.2%	4.4%
Return on assets	0.8%	0.5%	2.2%	0.8%	3.3%	-6.9%	0.6%	3.9%
Free cash flow yield	0.1%	-3.5%	0.1%	0.7%	-1.2%	-10.9%	-13.7%	-5.7%
Earnings yield	0.6%	0.2%	1.2%	0.4%	2.7%	-6.9%	0.5%	2.0%
Enterprise value	₹10.8B	₹14.1B	₹11.7B	₹12B	₹7.7B	₹6.1B	₹6.1B	₹7B
Net debt / EBITDA	2.26×	2.99×	2.26×	2.88×	4.11×	123.94×	11.67×	1.65×
Cash conversion cycle (days)	51	48	38	39	60	112	85	45