Kenvi Jewels Limited (KENVI.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

+6.4%

₹1.86

vs ₹1.75 price

Levered DCF

₹1.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	28.97×	50.92×	134.8×	190.8×	252.81×	361.16×	439.67×	1,207.46×
P/B	1.55×	2.55×	6.21×	7.47×	7.85×	8.03×	8.19×	8.6×
P/S	0.14×	0.24×	0.73×	1.16×	1.54×	2.57×	2.94×	3.41×
EV / EBITDA	17.48×	21.8×	67.02×	89.25×	128.72×	201.64×	226.66×	402.83×
Gross margin	2.6%	2.5%	3.0%	3.9%	3.9%	4.1%	4.7%	3.0%
Operating margin	1.1%	1.2%	1.1%	1.2%	1.3%	1.4%	1.5%	0.9%
Net margin	0.5%	0.5%	0.5%	0.6%	0.6%	0.7%	0.7%	0.3%
Current ratio	2.11×	2.66×	2.53×	10.99×	10.98×	7.04×	12.76×	7.39×
Debt / equity	0.88×	0.54×	0.58×	0.07×	0.03×	0.09×	0.05×	0.13×
Interest coverage	2.35×	2.05×	2.62×	3.68×	6.36×	8.13×	0×	0×
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	5.3%	5.0%	4.6%	3.9%	3.1%	2.2%	1.9%	0.7%
Return on invested capital	4.9%	6.3%	4.8%	5.1%	4.7%	3.1%	3.1%	1.5%
Return on assets	2.8%	3.1%	2.8%	3.6%	2.8%	1.9%	1.7%	0.6%
Free cash flow yield	-4.9%	8.8%	0.8%	0.0%	0.3%	0.1%	0.4%	-1.3%
Earnings yield	3.5%	2.0%	0.7%	0.5%	0.4%	0.3%	0.2%	0.1%
Enterprise value	₹373.7M	₹432.7M	₹964.9M	₹1B	₹1B	₹1B	₹1B	₹1.1B
Net debt / EBITDA	5.95×	2.44×	5.13×	0.54×	-0.18×	2.2×	1.21×	5.71×
Cash conversion cycle (days)	58	44	63	59	73	128	137	154