Khaitan (India) Limited (KHAITANLTD.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

+553.8%

₹948.60

vs ₹145.10 price

Levered DCF

₹683.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 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	7.31×	5.8×	21.7×	29.79×	-5.25×	-1.43×	-1.71×	26.76×
P/B	1.32×	1.48×	1.44×	1.09×	0.99×	0.41×	0.35×	0.45×
P/S	0.39×	0.52×	0.49×	0.34×	0.37×	0.18×	0.15×	0.16×
EV / EBITDA	5.62×	5.09×	7.81×	5.92×	21.11×	11.54×	-28.56×	7.43×
Gross margin	15.3%	20.1%	31.3%	23.2%	25.9%	26.1%	20.7%	22.9%
Operating margin	6.2%	8.6%	18.5%	5.3%	-19.3%	-13.5%	-5.6%	2.8%
Net margin	5.4%	9.0%	2.3%	1.1%	-7.1%	-12.7%	-8.7%	0.6%
Current ratio	0.65×	0.49×	0.34×	0.4×	0.47×	0.5×	0.59×	0.74×
Debt / equity	0.16×	0.39×	0.58×	0.55×	0.88×	0.88×	0.83×	0.61×
Interest coverage	4.25×	2.93×	3.22×	1.28×	-3.56×	-2.07×	-1.45×	1.06×
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	18.0%	25.5%	6.6%	3.6%	-18.8%	-28.6%	-20.6%	1.7%
Return on invested capital	17.5%	16.8%	33.2%	13.3%	-29.3%	-16.8%	-7.2%	5.0%
Return on assets	7.8%	9.9%	1.9%	1.0%	-4.3%	-7.4%	-5.9%	0.6%
Free cash flow yield	17.2%	6.1%	2.4%	34.9%	29.2%	55.9%	38.8%	111.5%
Earnings yield	13.7%	17.2%	4.6%	3.4%	-19.1%	-69.8%	-58.3%	3.7%
Enterprise value	₹456M	₹498M	₹407.4M	₹301.6M	₹322.2M	₹259.4M	₹280.7M	₹369.9M
Net debt / EBITDA	0.17×	0.95×	2.24×	1.95×	9.82×	7.86×	-20×	4.24×
Cash conversion cycle (days)	-40	-58	-90	-67	-47	-81	-45	-19