KAMA Holdings Limited (KAMAHOLD.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

-248.7%

-₹3,226.73

vs ₹2,170.00 price

Levered DCF

₹4,120.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

Grey zone

Rating

C+

Overall 2 / 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	8.31×	13.12×	9.82×	6.43×	8.16×	6.46×	4.81×	10.97×
P/B	0.97×	1.14×	1.3×	1.41×	1.61×	1.04×	0.91×	1.58×
P/S	0.49×	0.56×	0.66×	0.55×	0.63×	0.47×	0.36×	0.53×
EV / EBITDA	3.42×	4.43×	4.52×	3.19×	4.11×	4.29×	4.35×	5.44×
Gross margin	29.0%	25.9%	23.6%	39.1%	41.3%	42.5%	38.0%	34.3%
Operating margin	17.1%	13.8%	15.1%	20.9%	21.0%	20.3%	15.0%	12.4%
Net margin	5.9%	4.3%	6.7%	8.5%	7.7%	7.3%	7.4%	4.8%
Current ratio	2.34×	2.12×	2.21×	1.99×	1.31×	1.09×	2.01×	2.06×
Debt / equity	0.63×	0.65×	0.76×	0.78×	1.23×	1.52×	1.47×	1.58×
Interest coverage	9.72×	5.55×	6.73×	17.15×	25.77×	12.88×	5.77×	4.58×
Dividend yield	1.7%	1.3%	1.3%	1.3%	1.3%	0.0%	1.4%	0.3%
Payout ratio	14.3%	17.1%	13.0%	8.5%	10.7%	0.0%	6.8%	2.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.6%	8.7%	13.2%	21.9%	19.8%	16.1%	19.0%	14.4%
Return on invested capital	9.4%	7.2%	7.4%	12.2%	13.1%	10.3%	9.4%	6.3%
Return on assets	3.7%	2.8%	4.1%	6.5%	5.9%	4.6%	4.8%	3.4%
Free cash flow yield	6.0%	11.4%	-1.1%	0.0%	3.8%	15.1%	-9.4%	-7.6%
Earnings yield	12.0%	7.6%	10.2%	15.5%	12.3%	15.5%	20.8%	9.1%
Enterprise value	₹121.2B	₹126.7B	₹130.3B	₹119.1B	₹132.2B	₹94.2B	₹65.4B	₹72.9B
Net debt / EBITDA	1.24×	1.53×	1.54×	1.03×	1.68×	2.51×	2.65×	2.65×
Cash conversion cycle (days)	66	51	10	35	63	56	42	53