Kothari Fermentation and Biochem Limited (KFBL.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

-102.3%

-₹0.93

vs ₹40.00 price

Levered DCF

-₹30.92

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	-17.09×	120.17×	-23.14×	305.77×	387.5×	16.03×	5.51×	11.39×
P/B	0.95×	1.72×	2.03×	0.98×	1.92×	1.28×	0.86×	2.07×
P/S	0.46×	0.85×	1.04×	0.54×	1.2×	0.81×	0.5×	1.03×
EV / EBITDA	13.51×	11.72×	31.28×	11.58×	15.62×	8×	5.63×	6.86×
Gross margin	11.5%	17.7%	11.8%	47.0%	15.5%	65.2%	63.1%	67.6%
Operating margin	-0.4%	4.8%	-0.4%	2.7%	4.7%	9.6%	10.4%	14.7%
Net margin	-2.7%	0.7%	-4.5%	0.2%	0.3%	5.0%	7.9%	9.1%
Current ratio	1.91×	1.08×	0.99×	1.12×	1.03×	1.03×	1.17×	1.12×
Debt / equity	0.89×	0.77×	0.84×	0.74×	0.75×	0.65×	0.61×	0.48×
Interest coverage	-0.14×	1.51×	-0.13×	1.04×	1.51×	2.58×	4.31×	8.32×
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	-5.5%	1.4%	-8.8%	0.3%	0.5%	8.0%	13.8%	18.1%
Return on invested capital	-0.4%	2.0%	-0.4%	1.7%	0.8%	7.1%	7.4%	12.8%
Return on assets	-2.4%	0.6%	-3.7%	0.1%	0.2%	4.1%	7.2%	10.1%
Free cash flow yield	-7.5%	3.6%	-1.8%	4.8%	-3.0%	-2.0%	-18.8%	-5.6%
Earnings yield	-5.9%	0.8%	-4.3%	0.3%	0.3%	6.2%	16.0%	8.8%
Enterprise value	₹978.2M	₹1.4B	₹1.6B	₹1B	₹1.6B	₹1.2B	₹817.2M	₹1.2B
Net debt / EBITDA	6.46×	3.59×	9.12×	4.96×	4.38×	2.69×	2.32×	1.27×
Cash conversion cycle (days)	81	89	93	125	84	164	151	85