Karnavati Finance Limited (KARNAVATI.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

-3110.6%

-₹38.24

vs ₹1.27 price

Levered DCF

-₹4.98

After debt service

Piotroski score

5 / 9

Average

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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-1.88×	-12.06×	-13.75×	167.07×	52.98×	126.02×	297.2×	43.89×
P/B	2.57×	2.01×	1.98×	6.9×	1.24×	1.23×	2.54×	2.54×
P/S	2.09×	13.1×	7.76×	32.91×	8.31×	15.15×	11.56×	9.78×
EV / EBITDA	-12.34×	-19.02×	-25.1×	138.73×	41.16×	1,005.21×	280.69×	47.19×
Gross margin	27.0%	19.0%	32.0%	72.2%	89.8%	63.1%	83.5%	46.6%
Operating margin	-108.2%	-105.2%	-51.3%	26.5%	65.0%	0.8%	57.9%	35.7%
Net margin	-111.1%	-106.9%	-54.9%	19.7%	15.7%	12.0%	3.9%	22.3%
Current ratio	0.25×	3,907.62×	76.59×	34.43×	157.6×	28.75×	52.47×	63.92×
Debt / equity	13.85×	1.08×	1.31×	0.94×	0.09×	0.43×	0.9×	1.28×
Interest coverage	0×	-128.24×	-94.52×	1,508.8×	261.98×	4×	1,778.78×	1,724.94×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-136.4%	-16.4%	-14.0%	4.1%	2.3%	1.0%	0.9%	5.8%
Return on invested capital	-8.9%	-7.7%	-5.5%	2.1%	6.5%	0.0%	5.1%	2.9%
Return on assets	-9.0%	-7.8%	-5.8%	2.1%	2.1%	0.7%	0.4%	2.5%
Free cash flow yield	0.0%	26.6%	-11.8%	-10.1%	26.4%	36.6%	15.2%	0.3%
Earnings yield	-53.2%	-8.2%	-7.1%	0.6%	1.9%	0.8%	0.3%	2.3%
Enterprise value	₹708.9M	₹316.8M	₹390.1M	₹1B	₹171.9M	₹209.1M	₹429.5M	₹472.8M
Net debt / EBITDA	-10.41×	-6.65×	-9.91×	14.63×	2.65×	256.29×	71.81×	15.55×
Cash conversion cycle (days)	-41	4,948	3,343	-330	2,556	12	2,839	3,159