India Nippon Electricals Limited (INDNIPPON.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

+23.8%

₹1,444.28

vs ₹1,166.50 price

Levered DCF

₹578.35

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.13

Safe zone

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	13.82×	16.56×	27.8×	15.5×	19.13×	21.05×	7.9×	16.54×
P/B	1.87×	1.92×	2.64×	1.33×	1.91×	1.85×	1.02×	2.42×
P/S	1.44×	1.61×	2.28×	1.14×	1.7×	1.73×	0.9×	1.86×
EV / EBITDA	9.32×	10.83×	17.96×	9.78×	12.59×	13.58×	5.13×	10.6×
Gross margin	14.1%	13.8%	29.7%	30.7%	27.0%	30.1%	31.9%	32.9%
Operating margin	9.4%	8.7%	14.6%	6.3%	6.5%	7.6%	10.0%	13.7%
Net margin	10.4%	9.7%	8.2%	7.3%	8.9%	8.2%	11.5%	11.2%
Current ratio	2.51×	2.38×	2.51×	3.01×	3.26×	2.7×	3.26×	2.89×
Debt / equity	0×	0×	0×	0.01×	0.01×	0.01×	0×	0×
Interest coverage	193.46×	187.72×	271.69×	99.19×	74.98×	65.23×	84.64×	861.91×
Dividend yield	2.3%	2.1%	1.4%	2.8%	1.5%	1.6%	6.8%	1.5%
Payout ratio	31.5%	34.4%	39.1%	43.4%	28.1%	34.2%	53.9%	25.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.5%	11.6%	9.5%	8.6%	10.0%	8.8%	12.9%	14.6%
Return on invested capital	8.8%	7.7%	12.4%	5.6%	5.6%	6.1%	8.6%	12.3%
Return on assets	10.4%	8.8%	7.1%	6.7%	7.8%	6.7%	10.3%	11.5%
Free cash flow yield	0.4%	2.4%	2.3%	4.2%	-2.2%	0.1%	7.8%	2.1%
Earnings yield	7.2%	6.0%	3.6%	6.5%	5.2%	4.7%	12.7%	6.0%
Enterprise value	₹15.3B	₹13.4B	₹16.4B	₹7.4B	₹9.4B	₹8.4B	₹4.2B	₹9.6B
Net debt / EBITDA	-0.03×	-0.17×	-0.1×	-0.12×	-0.26×	0.01×	-0.16×	-0.07×
Cash conversion cycle (days)	48	39	23	37	41	32	27	32