Kansai Nerolac Paints Limited (KANSAINER.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

+143.7%

₹455.75

vs ₹186.98 price

Levered DCF

₹657.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	22.94×	16.82×	18.55×	44.01×	70.23×	61.18×	40.05×	52.86×
P/B	2.01×	3×	3.94×	4.6×	6.1×	7.99×	5.55×	7×
P/S	1.68×	2.47×	2.83×	2.78×	4.01×	6.43×	3.97×	4.43×
EV / EBITDA	12.89×	11.37×	12.4×	24.92×	37.76×	36.12×	25.24×	29.45×
Gross margin	25.9%	34.4%	34.6%	29.4%	29.1%	37.1%	50.1%	47.4%
Operating margin	9.3%	9.5%	10.8%	8.5%	7.6%	13.8%	12.6%	12.0%
Net margin	7.3%	14.7%	15.3%	6.3%	5.7%	10.5%	9.9%	8.4%
Current ratio	3.48×	3.69×	3.12×	2.52×	2.44×	2.56×	2.71×	2.44×
Debt / equity	0.05×	0.05×	0.05×	0.06×	0.08×	0.07×	0.06×	0.03×
Interest coverage	23.12×	23.7×	28.66×	22×	17.26×	29.56×	32.01×	65.34×
Dividend yield	2.2%	1.6%	0.7%	0.3%	1.1%	0.7%	0.8%	0.6%
Payout ratio	51.4%	26.5%	12.3%	11.7%	79.2%	45.1%	32.6%	30.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.8%	17.8%	21.2%	10.4%	8.7%	13.1%	13.9%	13.3%
Return on invested capital	7.5%	8.1%	10.5%	9.4%	7.5%	11.5%	12.4%	11.3%
Return on assets	6.8%	13.9%	16.0%	7.5%	6.3%	9.6%	10.7%	10.0%
Free cash flow yield	5.0%	1.8%	3.0%	1.4%	-0.8%	1.7%	1.7%	-1.8%
Earnings yield	4.4%	5.9%	5.4%	2.3%	1.4%	1.6%	2.5%	1.9%
Enterprise value	₹136.3B	₹194.5B	₹220.8B	₹210.3B	₹254.5B	₹325.6B	₹209.4B	₹239.4B
Net debt / EBITDA	0.1×	0.12×	0.06×	0.22×	0.36×	0.18×	0.07×	0.02×
Cash conversion cycle (days)	89	105	106	107	118	107	113	105