KBS India Limited (KBSINDIA.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

+6.6%

₹1.39

vs ₹1.30 price

Levered DCF

₹0.44

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

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	147.95×	282×	1,240.3×	486.84×	199.78×	1,340.58×	4,625×	770.83×
P/B	0.34×	1.45×	2.69×	2.51×	3.08×	3.13×	3.13×	3.13×
P/S	5.55×	21.04×	30.4×	51.15×	41.4×	61.08×	94.66×	104×
EV / EBITDA	27.52×	71.79×	190.96×	303.56×	81.25×	246.96×	80.76×	193.5×
Gross margin	52.1%	61.1%	69.3%	54.9%	78.1%	72.0%	32.0%	69.2%
Operating margin	-39.9%	-28.4%	-3.6%	-7.8%	8.2%	48.6%	-197.5%	-82.7%
Net margin	3.7%	7.5%	2.4%	10.5%	20.7%	4.3%	2.4%	13.5%
Current ratio	14.32×	9.01×	5.25×	12.08×	3.29×	2.26×	1.22×	0.91×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-42.63×	-46.36×	-0.98×	-7.21×	4.4×	10.06×	-14.9×	-8.13×
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	0.2%	0.5%	0.2%	0.5%	1.5%	0.2%	0.1%	0.4%
Return on invested capital	-1.8%	-0.8%	-0.3%	-0.3%	0.4%	1.8%	-2.8%	-1.8%
Return on assets	0.2%	0.5%	0.2%	0.5%	1.4%	0.2%	0.1%	0.4%
Free cash flow yield	2.4%	-1.9%	1.1%	-1.8%	3.3%	-0.1%	1.7%	-0.2%
Earnings yield	0.7%	0.4%	0.1%	0.2%	0.5%	0.1%	0.0%	0.1%
Enterprise value	₹103.8M	₹459.6M	₹855.3M	₹804M	₹762.1M	₹779.9M	₹785.8M	₹786.7M
Net debt / EBITDA	-6.91×	-5.99×	-9.81×	-9.76×	-2.78×	-2.62×	-0.25×	-0.37×
Cash conversion cycle (days)	187	-340	-380	-80	-1,024	-45	0	-37