KEI Industries Limited (KEI.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

-120.2%

-₹790.01

vs ₹3,920.50 price

Levered DCF

₹282.57

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

11.73

Safe zone

Rating

B+

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	42.02×	37.4×	54.37×	32.13×	30.43×	17.4×	8.48×	18.32×
P/B	5.79×	4.51×	10.03×	5.92×	5.36×	2.64×	1.44×	4.26×
P/S	3.29×	2.71×	3.93×	2.24×	2.01×	1.13×	0.44×	0.78×
EV / EBITDA	26.91×	24.01×	35.59×	20.77×	19.53×	10.57×	4.76×	8.27×
Gross margin	19.5%	20.2%	21.2%	20.9%	21.8%	23.8%	27.0%	27.5%
Operating margin	9.7%	9.7%	9.9%	9.6%	9.5%	9.7%	21.6%	22.6%
Net margin	7.8%	7.2%	7.2%	7.0%	6.6%	6.5%	5.2%	4.3%
Current ratio	2.96×	4.18×	2.58×	2.83×	2.22×	2.14×	1.63×	1.23×
Debt / equity	0.04×	0.04×	0.05×	0.06×	0.17×	0.19×	0.25×	0.77×
Interest coverage	17.75×	20.95×	25.77×	27.34×	23.65×	7.18×	8.17×	7.05×
Dividend yield	0.1%	0.2%	0.1%	0.2%	0.2%	0.4%	1.1%	0.2%
Payout ratio	4.7%	6.0%	4.8%	5.7%	6.0%	6.7%	8.9%	4.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.8%	12.0%	18.4%	18.4%	17.6%	15.2%	17.0%	23.2%
Return on invested capital	12.0%	11.4%	17.6%	17.5%	15.8%	14.0%	42.7%	43.4%
Return on assets	10.3%	9.6%	12.5%	12.7%	10.7%	9.0%	7.8%	6.5%
Free cash flow yield	-0.9%	-2.8%	0.7%	2.7%	1.5%	2.8%	-4.3%	15.1%
Earnings yield	2.4%	2.7%	1.8%	3.1%	3.3%	5.7%	11.8%	5.5%
Enterprise value	₹373.4B	₹252.5B	₹310.8B	₹150.2B	₹114.4B	₹48B	₹24.4B	₹38.9B
Net debt / EBITDA	-0.91×	-0.79×	-0.57×	-0.44×	-0.01×	0.25×	0.52×	1.23×
Cash conversion cycle (days)	98	114	89	98	117	124	77	64