Kapston Services Limited (KAPSTON.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

-0.6%

₹500.77

vs ₹503.80 price

Levered DCF

₹478.69

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

6.52

Safe zone

Rating

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	30.4×	17.24×	13.68×	18.18×	28.11×	10.2×	6.18×	8.96×
P/B	7.35×	3.46×	2.4×	1.57×	1.3×	1.29×	1.47×	1.79×
P/S	1.03×	0.45×	0.33×	0.23×	0.26×	0.31×	0.31×	0.43×
EV / EBITDA	22.79×	14.98×	11.53×	11.73×	11.92×	6.89×	6.87×	6.49×
Gross margin	6.4%	5.5%	6.2%	4.1%	5.3%	8.5%	9.5%	8.8%
Operating margin	4.8%	3.8%	3.6%	1.9%	2.1%	5.7%	7.3%	8.5%
Net margin	3.4%	2.6%	2.4%	1.3%	0.9%	3.0%	5.1%	6.0%
Current ratio	1.43×	1.36×	1.4×	1.43×	1.47×	1.78×	1.51×	1.66×
Debt / equity	1.58×	1.9×	1.43×	1.57×	1.58×	1.01×	1.21×	0.74×
Interest coverage	2.8×	2.17×	1.84×	0.82×	0.87×	2.32×	3.43×	5.07×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	1.5%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	15.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.2%	20.1%	17.6%	8.6%	4.6%	12.6%	23.8%	24.9%
Return on invested capital	12.9%	10.1%	10.5%	4.9%	4.1%	9.2%	15.2%	18.1%
Return on assets	8.1%	6.0%	6.1%	2.8%	1.5%	5.2%	8.8%	11.3%
Free cash flow yield	-0.4%	-15.4%	1.6%	-0.3%	-35.2%	18.5%	-27.8%	-21.1%
Earnings yield	3.3%	5.8%	7.3%	5.5%	3.6%	9.8%	16.2%	13.9%
Enterprise value	₹10.4B	₹4.8B	₹2.7B	₹1.8B	₹1.5B	₹1.1B	₹1.2B	₹855.6M
Net debt / EBITDA	3.99×	5.3×	4.28×	5.86×	6.51×	2.93×	3.05×	1.83×
Cash conversion cycle (days)	90	88	91	99	126	108	110	108