Gujarat Natural Resources Limited (GNRL.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

-178.4%

-₹83.04

vs ₹105.88 price

Levered DCF

-₹86.20

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

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	132.27×	-98×	-41.45×	-21.72×	-42.84×	-17.2×	-1.85×	-15.95×
P/B	6.28×	2.4×	1.48×	1.18×	1.49×	0.69×	0.52×	0.38×
P/S	42.87×	18.37×	5.91×	10.06×	19.8×	8.96×	4.74×	4.68×
EV / EBITDA	120.75×	86.6×	33.7×	-1,927.14×	-809.43×	74.76×	-2.73×	21.15×
Gross margin	48.4%	73.7%	50.4%	74.9%	60.7%	28.9%	13.3%	98.6%
Operating margin	14.9%	-18.3%	-1.9%	-15.6%	-42.7%	-49.2%	-22.5%	-26.7%
Net margin	32.4%	-18.8%	-14.2%	-46.6%	-46.2%	-51.8%	-256.4%	-29.4%
Current ratio	3.18×	8.39×	2.53×	2.32×	3.15×	1.98×	2.71×	1.09×
Debt / equity	0.06×	0.08×	0.37×	0.32×	0.17×	0.23×	0.18×	0.24×
Interest coverage	8.39×	-1.05×	-0.19×	-0.8×	-4.65×	-3.22×	-5.29×	-3.26×
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	4.7%	-2.5%	-3.6%	-5.5%	-3.5%	-4.0%	-28.2%	-2.4%
Return on invested capital	1.4%	-1.9%	-0.3%	-1.4%	-2.5%	-2.9%	-1.9%	-1.5%
Return on assets	3.8%	-2.2%	-2.4%	-3.8%	-2.6%	-2.8%	-19.7%	-1.6%
Free cash flow yield	-0.4%	-8.8%	1.7%	-1.7%	-10.7%	1.0%	-98.6%	4.5%
Earnings yield	0.8%	-1.0%	-2.4%	-4.6%	-2.3%	-5.8%	-54.1%	-6.3%
Enterprise value	₹13.2B	₹3.7B	₹2B	₹1.7B	₹1.9B	₹906.7M	₹626.1M	₹579.4M
Net debt / EBITDA	1.02×	1.13×	6.04×	-392.19×	-65.16×	14.93×	-0.51×	7.61×
Cash conversion cycle (days)	657	2,116	914	1,048	1,669	1,870	1,101	-20,722