Khaitan Chemicals and Fertilizers Limited (KHAICHEM.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

-52.6%

₹20.94

vs ₹44.21 price

Levered DCF

-₹101.75

After debt service

Piotroski score

5 / 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	7.33×	347.71×	-9.36×	15.45×	15.34×	8.57×	15.39×	29.44×
P/B	1.63×	2.19×	2.99×	2.21×	4.83×	1.22×	1.51×	1.67×
P/S	0.47×	0.68×	1.23×	0.73×	1.48×	0.44×	0.53×	0.62×
EV / EBITDA	6.81×	33.63×	-34.14×	11.14×	10.82×	4.63×	8.33×	9.29×
Gross margin	36.1%	29.5%	23.6%	19.1%	31.4%	33.7%	22.6%	23.1%
Operating margin	10.3%	1.7%	-7.3%	8.2%	15.1%	11.9%	9.0%	9.4%
Net margin	6.4%	0.2%	-13.2%	4.7%	9.7%	5.2%	3.5%	2.1%
Current ratio	1.49×	1.32×	1.3×	1.51×	1.52×	1.73×	1.37×	1.36×
Debt / equity	1.05×	1.43×	1.43×	0.78×	0.56×	0.45×	0.92×	0.99×
Interest coverage	3.13×	0.42×	-1.23×	3.86×	10.25×	4.36×	2.72×	1.57×
Dividend yield	0.0%	0.0%	0.4%	0.2%	0.2%	1.4%	0.2%	0.2%
Payout ratio	0.0%	0.0%	-4.1%	3.5%	3.7%	11.6%	3.7%	6.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.2%	0.6%	-32.0%	14.3%	31.5%	14.3%	9.9%	5.7%
Return on invested capital	16.5%	-0.2%	-7.0%	10.0%	23.8%	13.7%	9.1%	7.8%
Return on assets	9.5%	0.2%	-11.3%	6.0%	13.9%	7.0%	3.9%	2.2%
Free cash flow yield	7.5%	8.1%	-10.2%	-18.6%	1.0%	37.2%	6.3%	38.7%
Earnings yield	13.6%	0.3%	-10.7%	6.5%	6.5%	11.7%	6.5%	3.4%
Enterprise value	₹7.8B	₹8B	₹9.8B	₹8.8B	₹13.1B	₹2.9B	₹3.7B	₹3.7B
Net debt / EBITDA	2.67×	13.29×	-11.04×	2.9×	0.78×	1.25×	3.14×	3.45×
Cash conversion cycle (days)	178	220	310	160	121	151	111	106