Jayaswal Neco Industries Limited (JAYNECOIND.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

+65.5%

₹148.70

vs ₹89.83 price

Levered DCF

₹114.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.28

Safe zone

Rating

A-

Overall 4 / 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	15.73×	27.77×	23.1×	9.04×	0.79×	-1.21×	-0.08×	-0.86×
P/B	2.56×	1.32×	2.14×	1×	0.97×	-0.5×	-0.15×	0.54×
P/S	1.02×	0.52×	0.82×	0.32×	0.3×	0.18×	0.03×	0.09×
EV / EBITDA	6.96×	6.05×	7.82×	7.19×	1.79×	6.87×	-10.83×	8.17×
Gross margin	51.2%	56.5%	17.8%	46.8%	31.2%	28.9%	16.8%	22.8%
Operating margin	14.4%	11.0%	13.0%	8.5%	17.5%	9.3%	-1.9%	6.0%
Net margin	6.5%	1.9%	3.5%	3.6%	37.7%	-15.2%	-41.6%	-10.5%
Current ratio	1.39×	2.2×	3.17×	0.56×	2.46×	0.33×	0.32×	0.42×
Debt / equity	0.74×	1.16×	1.43×	1.66×	2.1×	-2.8×	-4.88×	5.62×
Interest coverage	2.41×	1.18×	1.64×	1.19×	2.28×	0.38×	-0.08×	0.35×
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	16.3%	4.7%	9.3%	11.0%	122.6%	41.0%	186.6%	-63.4%
Return on invested capital	15.6%	12.9%	10.0%	9.9%	17.6%	13.9%	-2.2%	5.4%
Return on assets	7.8%	2.0%	3.4%	3.7%	35.5%	-9.5%	-26.1%	-6.6%
Free cash flow yield	17.2%	36.6%	10.1%	32.8%	46.7%	63.5%	223.6%	94.2%
Earnings yield	6.4%	3.6%	4.3%	11.0%	126.5%	-82.5%	-1208.1%	-116.8%
Enterprise value	₹92.7B	₹56.9B	₹79.9B	₹54B	₹54.4B	₹42.1B	₹40.5B	₹43B
Net debt / EBITDA	1.49×	2.72×	3.08×	4.45×	1.21×	5.76×	-10.5×	7.45×
Cash conversion cycle (days)	126	97	120	135	112	134	106	99