Kanoria Energy & Infrastructure Ltd (KEIL.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

-70.6%

₹4.99

vs ₹16.95 price

Levered DCF

-₹18.45

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.03

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	230.2×	62.48×	31.72×	16.25×	21.54×	15.45×	14.88×	12.77×
P/B	0.96×	2.39×	2.76×	1.88×	3.62×	1.56×	0.99×	2.06×
P/S	0.33×	0.75×	0.72×	0.5×	0.93×	0.36×	0.22×	0.42×
EV / EBITDA	9.62×	15.98×	14.34×	9.77×	13.62×	8.59×	8.88×	8.98×
Gross margin	32.2%	32.7%	22.7%	26.1%	26.2%	25.6%	24.2%	25.0%
Operating margin	4.7%	4.9%	6.5%	7.1%	5.6%	6.3%	5.7%	5.5%
Net margin	0.1%	1.2%	2.3%	3.1%	4.3%	2.3%	1.5%	3.3%
Current ratio	1.24×	1.21×	1.23×	1.3×	1.44×	1.28×	1.23×	1.19×
Debt / equity	0.87×	1.27×	1.3×	1.32×	1.12×	1.23×	1.58×	1.59×
Interest coverage	1.05×	1.2×	1.74×	2.13×	2.17×	1.92×	1.65×	1.66×
Dividend yield	0.3%	0.2%	0.1%	0.3%	0.2%	0.4%	0.9%	0.5%
Payout ratio	73.9%	15.7%	4.0%	5.2%	3.4%	6.9%	14.0%	6.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.4%	3.8%	8.7%	11.5%	16.8%	10.1%	6.7%	16.2%
Return on invested capital	2.5%	4.3%	7.1%	7.3%	6.7%	8.1%	7.7%	7.8%
Return on assets	0.1%	1.3%	2.6%	3.6%	5.4%	2.9%	1.7%	3.9%
Free cash flow yield	45.0%	7.8%	-18.9%	-18.5%	-5.9%	15.6%	-5.0%	12.6%
Earnings yield	0.4%	1.6%	3.2%	6.2%	4.7%	6.5%	6.7%	7.9%
Enterprise value	₹1.7B	₹3.4B	₹3.6B	₹2.6B	₹3.5B	₹1.7B	₹1.4B	₹1.9B
Net debt / EBITDA	4.41×	5.49×	4.52×	4.02×	3.11×	3.72×	5.43×	3.85×
Cash conversion cycle (days)	209	208	182	184	160	140	164	138