JK Paper Limited (JKPAPER.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

+124.9%

₹835.17

vs ₹371.35 price

Levered DCF

₹757.37

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.91

Grey zone

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	20.9×	13.27×	5.04×	5.41×	9.49×	10.77×	2.79×	6.04×
P/B	1.01×	1.06×	1.12×	1.6×	1.72×	1.03×	0.56×	1.27×
P/S	0.79×	0.85×	0.85×	1×	1.32×	0.95×	0.44×	0.8×
EV / EBITDA	8.63×	8.18×	4.29×	4.38×	7.3×	8×	3.24×	4.59×
Gross margin	15.6%	31.6%	23.4%	54.2%	25.1%	49.3%	52.8%	47.8%
Operating margin	7.7%	22.3%	19.6%	26.9%	20.8%	14.2%	26.4%	23.7%
Net margin	3.8%	6.1%	16.9%	18.6%	13.9%	8.8%	15.7%	13.2%
Current ratio	1.39×	1.87×	2.07×	1.66×	1.56×	1.41×	1.39×	1.67×
Debt / equity	0.47×	0.35×	0.43×	0.69×	1.05×	1.11×	0.75×	0.77×
Interest coverage	2.43×	8.43×	6.96×	9.31×	5.62×	3.05×	7.53×	7.14×
Dividend yield	1.5%	1.5%	2.2%	2.5%	1.3%	0.0%	12.1%	2.1%
Payout ratio	31.8%	20.7%	11.3%	13.4%	12.5%	0.1%	33.8%	12.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.8%	7.6%	22.1%	29.6%	18.1%	9.5%	20.1%	21.0%
Return on invested capital	4.4%	13.8%	13.4%	16.0%	8.2%	4.2%	11.6%	12.3%
Return on assets	2.5%	4.3%	12.0%	13.4%	7.1%	3.7%	9.0%	9.4%
Free cash flow yield	3.0%	6.3%	20.1%	23.8%	-1.1%	-27.0%	-12.4%	3.2%
Earnings yield	4.8%	7.1%	19.8%	18.5%	10.5%	9.3%	35.8%	16.6%
Enterprise value	₹79.8B	₹75.9B	₹78B	₹92.3B	₹82.8B	₹53.7B	₹30.8B	₹41.3B
Net debt / EBITDA	2.62×	1.99×	1.18×	1.31×	2.76×	4.15×	1.84×	1.72×
Cash conversion cycle (days)	58	64	39	53	39	7	39	45