Kirloskar Electric Company Limited (KECL.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

+43.8%

₹152.29

vs ₹105.89 price

Levered DCF

₹39.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 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	64.94×	221.27×	54.55×	14.56×	2.58×	-1.71×	1.14×	-4.31×
P/B	4.13×	7.21×	9.33×	4.93×	2.29×	2.45×	-1.09×	-1.32×
P/S	0.92×	1.52×	1.38×	0.96×	0.52×	0.3×	0.16×	0.41×
EV / EBITDA	16.24×	27.89×	19.62×	9.79×	2.7×	-26.17×	2.51×	12.75×
Gross margin	16.5%	15.2%	15.0%	32.3%	26.1%	27.5%	32.6%	25.2%
Operating margin	5.3%	2.0%	5.7%	16.3%	-6.1%	-9.1%	-0.4%	-13.9%
Net margin	1.4%	0.7%	2.5%	6.6%	20.1%	-17.3%	14.4%	-9.5%
Current ratio	0.43×	0.35×	0.39×	0.33×	0.31×	0.23×	0.3×	0.25×
Debt / equity	0.76×	1.01×	1.54×	1.45×	1.87×	5.35×	-3.97×	-2.91×
Interest coverage	1.22×	0.44×	1.24×	3.44×	-0.67×	-0.84×	-0.03×	-0.84×
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	6.4%	3.3%	17.1%	33.8%	88.7%	-143.6%	-95.6%	30.5%
Return on invested capital	9.3%	3.2%	9.9%	24.7%	-7.0%	-8.7%	-0.6%	-19.2%
Return on assets	1.3%	0.6%	2.2%	5.1%	11.0%	-7.7%	9.3%	-5.9%
Free cash flow yield	0.0%	1.0%	4.4%	0.8%	19.7%	33.5%	64.5%	0.5%
Earnings yield	1.5%	0.5%	1.8%	6.9%	38.7%	-58.6%	88.0%	-23.2%
Enterprise value	₹6.3B	₹9.3B	₹8.8B	₹5.7B	₹2.8B	₹2.5B	₹2.3B	₹3.8B
Net debt / EBITDA	2.11×	2.99×	2.45×	2.06×	1.02×	-17.71×	1.96×	8.68×
Cash conversion cycle (days)	-45	-66	-50	-85	-116	-116	-67	-68