The KCP Limited (KCP.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

-8.8%

₹139.65

vs ₹153.20 price

Levered DCF

₹1,191.25

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.8

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	8.21×	17.88×	12.61×	31.94×	7.94×	6.63×	20.38×	14.91×
P/B	0.91×	1.72×	1.69×	1.09×	1.27×	1.08×	0.66×	1.51×
P/S	0.63×	1.04×	0.84×	0.59×	0.71×	0.64×	0.39×	0.74×
EV / EBITDA	6.55×	8.57×	6.69×	8.79×	4.63×	3.97×	5.31×	7.52×
Gross margin	33.7%	33.2%	38.6%	38.9%	68.9%	66.6%	61.0%	60.1%
Operating margin	10.0%	9.7%	9.4%	15.6%	13.8%	16.7%	6.8%	9.4%
Net margin	7.7%	5.8%	6.6%	1.9%	8.9%	9.6%	1.9%	5.0%
Current ratio	2.8×	2.5×	2.31×	1.91×	1.95×	1.79×	1.47×	1.47×
Debt / equity	0.37×	0.35×	0.34×	0.46×	0.37×	0.47×	0.65×	0.73×
Interest coverage	7.72×	7.7×	6.19×	8.61×	7.86×	5.17×	1.4×	3.82×
Dividend yield	9.4%	4.4%	2.1%	1.0%	3.3%	4.3%	5.2%	2.7%
Payout ratio	77.1%	78.0%	26.4%	30.5%	26.3%	28.3%	106.6%	40.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.1%	9.6%	13.4%	3.4%	16.0%	16.4%	3.2%	10.1%
Return on invested capital	7.8%	9.0%	10.2%	15.7%	11.9%	11.7%	5.7%	8.2%
Return on assets	5.5%	4.7%	6.7%	1.6%	7.9%	7.7%	1.4%	4.2%
Free cash flow yield	14.3%	4.3%	3.0%	-7.9%	6.9%	10.4%	22.8%	3.1%
Earnings yield	12.2%	5.6%	7.9%	3.1%	12.6%	15.1%	4.9%	6.7%
Enterprise value	₹22.4B	₹31.4B	₹28.5B	₹18.9B	₹19.3B	₹15.5B	₹10.8B	₹18.1B
Net debt / EBITDA	1.82×	1.4×	1.1×	2.58×	1.04×	1.2×	2.6×	2.42×
Cash conversion cycle (days)	129	115	108	154	173	143	130	165