Keltech Energies Limited (KELENRG.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

-105.3%

-₹959.67

vs ₹18,074.00 price

Levered DCF

-₹1,675.15

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	10.48×	11.89×	14.11×	7.16×	8.2×	26.43×	9.36×	13.66×
P/B	1.96×	2.38×	2.75×	1.05×	0.77×	0.78×	0.71×	1.41×
P/S	0.56×	0.6×	0.61×	0.15×	0.15×	0.23×	0.21×	0.36×
EV / EBITDA	6.99×	7.32×	7.63×	3.92×	5.04×	6.69×	4.58×	6.55×
Gross margin	21.9%	31.8%	26.1%	17.8%	13.5%	31.9%	33.7%	31.5%
Operating margin	6.2%	25.0%	5.7%	4.6%	3.7%	2.3%	3.9%	4.6%
Net margin	5.4%	5.0%	4.3%	2.1%	1.9%	0.9%	2.2%	2.7%
Current ratio	1.12×	1.23×	1.32×	1.24×	1.15×	1.2×	1.18×	1.12×
Debt / equity	0.48×	0.31×	0.25×	0.39×	0.44×	0.37×	0.39×	0.4×
Interest coverage	7.96×	28.74×	5.71×	4.81×	5.03×	2.25×	3.46×	3.84×
Dividend yield	0.0%	0.1%	0.1%	0.2%	0.3%	0.3%	0.7%	0.4%
Payout ratio	0.5%	0.6%	0.8%	1.3%	2.3%	8.0%	6.4%	5.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.7%	20.0%	19.5%	14.7%	9.4%	2.9%	7.6%	10.4%
Return on invested capital	10.5%	54.7%	14.5%	15.2%	9.4%	3.3%	6.8%	9.3%
Return on assets	8.1%	8.7%	8.7%	5.8%	3.7%	1.3%	3.6%	4.6%
Free cash flow yield	-16.1%	-10.0%	15.3%	15.0%	7.9%	0.9%	3.2%	-3.3%
Earnings yield	9.5%	8.4%	7.1%	14.0%	12.2%	3.8%	10.7%	7.3%
Enterprise value	₹3.5B	₹3.2B	₹2.7B	₹1.1B	₹838.7M	₹716.5M	₹651.9M	₹1B
Net debt / EBITDA	1.06×	0.62×	-0.14×	0.89×	1.78×	2.06×	1.46×	1.27×
Cash conversion cycle (days)	19	-11	7	26	24	20	28	27