India Gelatine & Chemicals Limited (INDGELA.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

-6.7%

₹353.53

vs ₹378.95 price

Levered DCF

₹207.52

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

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	8.4×	16.19×	10.03×	8.1×	13.9×	9.08×	10.6×	11.42×
P/B	1.09×	1.64×	1.85×	1.42×	0.68×	0.59×	0.54×	0.64×
P/S	1.24×	1.42×	1.4×	0.95×	0.49×	0.45×	0.43×	0.59×
EV / EBITDA	5.43×	9.76×	6.73×	5.42×	6.93×	4.77×	5.32×	6.94×
Gross margin	35.8%	28.2%	21.4%	54.4%	42.2%	41.7%	49.0%	50.3%
Operating margin	14.6%	7.9%	13.5%	13.6%	2.6%	3.6%	2.9%	2.1%
Net margin	14.8%	8.8%	14.0%	11.8%	3.5%	5.0%	4.1%	5.2%
Current ratio	8.91×	8.83×	5.89×	3.88×	6.58×	9.63×	6.59×	13.97×
Debt / equity	0.02×	0.03×	0.05×	0.07×	0×	0×	0×	0×
Interest coverage	50.81×	23.11×	37.12×	42.56×	32.77×	409.6×	320.4×	193.62×
Dividend yield	1.7%	0.3%	3.7%	0.9%	2.3%	1.7%	5.3%	2.6%
Payout ratio	14.1%	4.5%	36.9%	7.4%	31.6%	15.4%	55.9%	29.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	10.1%	18.4%	17.5%	4.9%	6.5%	5.1%	5.6%
Return on invested capital	9.2%	6.5%	12.2%	13.0%	2.6%	3.3%	2.8%	2.1%
Return on assets	11.6%	8.9%	15.4%	13.3%	4.1%	5.6%	4.3%	5.0%
Free cash flow yield	7.0%	3.1%	1.8%	-3.3%	4.5%	6.7%	3.5%	2.8%
Earnings yield	11.9%	6.2%	10.0%	12.3%	7.2%	11.0%	9.4%	8.8%
Enterprise value	₹2B	₹2.8B	₹2.9B	₹2B	₹758.6M	₹616.3M	₹523.7M	₹625.4M
Net debt / EBITDA	-0.17×	-0.01×	0.12×	0.13×	-0.19×	-0.23×	-0.44×	-0.35×
Cash conversion cycle (days)	127	102	113	134	113	138	137	170