Kahan Packaging Limited (KAHAN.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

-12.9%

₹9.09

vs ₹10.44 price

Levered DCF

₹118.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.35

Grey zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.69×	12.14×	17.07×	9.76×	49×	623.41×	836.18×
P/B	0.92×	1.38×	1.96×	5.67×	14.09×	19.7×	18.23×
P/S	0.34×	0.48×	0.69×	0.47×	0.62×	0.81×	0.65×
EV / EBITDA	5.43×	7.82×	9.88×	8.37×	17.13×	18.3×	21.67×
Gross margin	27.7%	24.3%	20.8%	23.4%	19.5%	17.9%	16.4%
Operating margin	7.8%	7.5%	7.8%	22.0%	17.5%	15.5%	4.1%
Net margin	3.9%	3.9%	4.1%	5.0%	1.2%	0.1%	0.1%
Current ratio	1.15×	1.32×	1.64×	1.16×	0.91×	0.86×	0.93×
Debt / equity	0.6×	0.81×	0.73×	4.48×	8.87×	8.89×	10.19×
Interest coverage	2.63×	2.79×	3×	8.74×	6.88×	3.76×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.6%	11.4%	11.5%	59.8%	28.4%	3.2%	2.2%
Return on invested capital	9.7%	8.7%	9.2%	35.2%	31.5%	7.8%	0.8%
Return on assets	4.6%	5.3%	5.1%	7.1%	2.0%	0.2%	0.1%
Free cash flow yield	20.8%	-8.1%	-17.7%	-7.1%	-12.8%	9.1%	-14.8%
Earnings yield	11.5%	8.2%	5.9%	10.5%	2.0%	0.2%	0.1%
Enterprise value	₹168.1M	₹215.3M	₹231.3M	₹175M	₹159.2M	₹141.7M	₹134.6M
Net debt / EBITDA	2.14×	2.88×	2.56×	3.68×	6.59×	5.64×	7.53×
Cash conversion cycle (days)	91	131	132	101	69	19	12