Kalpataru Ltd. (KALPATARU.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

-12.2%

₹209.64

vs ₹238.67 price

Levered DCF

₹2,211.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.04

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	54.22×	281.14×	-86.25×	-43.82×	-71.56×	-151.38×
P/B	1.23×	2.44×	8.75×	7.34×	6.26×	4.64×
P/S	1.48×	2.73×	5.33×	2.6×	10.86×	5.44×
EV / EBITDA	63.25×	104.46×	17.58×	15.17×	23.83×	147.92×
Gross margin	12.0%	13.2%	72.4%	40.2%	76.0%	17.5%
Operating margin	2.2%	1.4%	62.0%	34.0%	67.7%	10.5%
Net margin	2.7%	1.0%	-6.2%	-5.9%	-15.2%	-3.6%
Current ratio	1.53×	1.48×	1.46×	1.41×	1.37×	1.34×
Debt / equity	2.23×	4.1×	10.42×	7.96×	7.27×	5.66×
Interest coverage	1.08×	1.08×	0.89×	0.87×	0.61×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	2.3%	0.9%	-10.2%	-16.7%	-8.7%	-3.1%
Return on invested capital	0.5%	0.1%	8.7%	10.5%	4.2%	1.3%
Return on assets	0.5%	0.1%	-0.7%	-1.6%	-0.9%	-0.4%
Free cash flow yield	-6.4%	-7.2%	3.7%	23.7%	4.3%	12.3%
Earnings yield	1.8%	0.4%	-1.2%	-2.3%	-1.4%	-0.7%
Enterprise value	₹134.2B	₹159.2B	₹193.8B	₹184.1B	₹191.2B	₹133.1B
Net debt / EBITDA	39.31×	64.68×	9.49×	7.83×	12.72×	80.72×
Cash conversion cycle (days)	1,651	2,454	8,285	1,780	19,147	2,255