Kalyan Capitals Limited (KALYANCAP.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

+4027.9%

₹255.11

vs ₹6.18 price

Levered DCF

₹1,142.54

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

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	FY2019	FY2018
P/E	4.41×	13.37×	16.8×	29.09×	38.78×	104.11×	38.04×	48.24×
P/B	0.37×	0.68×	2.14×	2.54×	2.82×	3.05×	3.08×	3.36×
P/S	0.56×	1.36×	3.19×	5.3×	8.68×	20.7×	16.68×	16.78×
EV / EBITDA	32.82×	65.9×	40.62×	36.87×	47.38×	41.19×	28.58×	23.58×
Gross margin	27.1%	29.2%	32.0%	28.7%	48.3%	84.0%	74.8%	96.1%
Operating margin	21.8%	23.7%	26.2%	24.8%	41.4%	70.6%	62.1%	89.2%
Net margin	12.8%	10.1%	19.0%	18.2%	22.3%	19.7%	44.1%	34.9%
Current ratio	3.11×	1.28×	1.38×	1.44×	7.66×	8.68×	9.97×	50.01×
Debt / equity	4.41×	7.54×	5.32×	2.33×	2.7×	0.43×	0.33×	0.45×
Interest coverage	0×	447.19×	72.82×	1,130.37×	3,646.73×	2.98×	14.32×	2.86×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	5.0%	12.8%	8.7%	7.3%	2.9%	8.1%	7.0%
Return on invested capital	1.1%	1.4%	3.4%	2.7%	2.8%	4.5%	6.8%	9.4%
Return on assets	1.5%	1.0%	3.3%	2.4%	1.9%	1.6%	5.7%	4.7%
Free cash flow yield	18.9%	15.7%	4.8%	1.6%	78.4%	2.0%	2.6%	0.9%
Earnings yield	22.7%	7.4%	6.0%	3.4%	2.6%	0.9%	2.6%	2.1%
Enterprise value	₹2.5B	₹3.8B	₹3.5B	₹2B	₹1.6B	₹957.2M	₹925.5M	₹950.8M
Net debt / EBITDA	30.26×	60.08×	28.9×	17.65×	23.13×	5×	2.61×	2.73×
Cash conversion cycle (days)	0	0	-19	44	4,095	-951	-287	0