Kernex Microsystems (India) Limited (KERNEX.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

-2258.5%

-₹34,160.22

vs ₹1,582.60 price

Levered DCF

-₹33,625.22

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	21.06×	27.31×	-34.23×	-16.77×	-10.56×	41.27×	4.87×	-1.37×
P/B	7.5×	8.7×	8.48×	4.04×	3.77×	1.33×	0.28×	0.53×
P/S	4.32×	7.24×	46.13×	82.24×	27.31×	4.53×	1.12×	3.59×
EV / EBITDA	13.38×	32.64×	-46.91×	-21.37×	-15.93×	19.37×	2.55×	-2.8×
Gross margin	39.4%	39.5%	-6.9%	30.1%	45.4%	77.6%	30.9%	42.1%
Operating margin	33.2%	20.0%	-71.1%	-445.5%	-161.6%	46.6%	-60.4%	-176.5%
Net margin	20.5%	26.5%	-134.8%	-490.5%	-258.6%	11.0%	23.0%	-262.2%
Current ratio	1.31×	2.48×	2.38×	3.5×	1.74×	1.9×	2.1×	1.18×
Debt / equity	0.65×	0.26×	0.26×	0.13×	0.37×	0.32×	0.18×	0.37×
Interest coverage	5.08×	5.49×	-5.87×	-16.03×	-3.26×	5.87×	-1.54×	-6.27×
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	35.6%	31.8%	-24.8%	-24.1%	-35.7%	3.2%	5.8%	-38.4%
Return on invested capital	25.2%	18.8%	-10.9%	-21.7%	-17.6%	9.6%	-13.1%	-18.8%
Return on assets	9.6%	21.2%	-16.6%	-19.5%	-22.2%	2.2%	4.3%	-25.4%
Free cash flow yield	-7.7%	0.8%	-8.5%	-8.5%	-2.6%	3.1%	-68.1%	-77.6%
Earnings yield	4.7%	3.7%	-2.9%	-6.0%	-9.5%	2.4%	20.5%	-72.9%
Enterprise value	₹20.2B	₹13.8B	₹9.3B	₹3.4B	₹1.9B	₹984.6M	₹268.6M	₹492.3M
Net debt / EBITDA	1.06×	0.14×	-1.22×	-0.65×	-0.95×	3.03×	0.97×	-1.14×
Cash conversion cycle (days)	169	205	973	1,951	1,249	919	341	861