Khandwala Securities Limited (KHANDSE.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

-59.9%

₹6.81

vs ₹16.99 price

Levered DCF

-₹22.32

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.98

Grey zone

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	-15.06×	-41×	272.73×	77.93×	206.33×	-10.47×	-4.4×	98.75×
P/B	0.69×	1.14×	1.6×	1.17×	1.22×	0.86×	0.68×	0.71×
P/S	2.05×	3.43×	5.56×	5.49×	4.01×	4.77×	5.76×	5.58×
EV / EBITDA	-21.85×	52.74×	70.75×	34.43×	30.33×	-32.94×	-7.43×	44.43×
Gross margin	89.6%	62.9%	62.5%	60.7%	44.5%	25.3%	19.7%	31.9%
Operating margin	-13.7%	-12.2%	14.3%	10.0%	8.7%	-30.4%	-133.0%	-59.6%
Net margin	-13.6%	-8.4%	2.0%	7.1%	1.9%	-45.7%	-130.6%	5.6%
Current ratio	0×	1.48×	1.01×	1.87×	0.94×	0.97×	1.72×	1.38×
Debt / equity	0.11×	0.05×	0.05×	0.09×	0.32×	0.35×	0.27×	0.18×
Interest coverage	-5.56×	-14.08×	5.71×	2.19×	0.79×	-1.6×	-9.47×	-19.88×
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	-4.6%	-2.8%	0.6%	1.5%	0.6%	-8.3%	-15.5%	0.7%
Return on invested capital	-3.1%	13.5%	3.9%	1.7%	2.0%	-3.9%	-12.2%	-6.3%
Return on assets	-3.1%	-1.8%	0.4%	1.0%	0.3%	-4.0%	-9.0%	0.4%
Free cash flow yield	-8.4%	23.1%	-4.4%	-22.8%	13.3%	-1.9%	-22.9%	19.0%
Earnings yield	-6.6%	-2.4%	0.4%	1.3%	0.5%	-9.6%	-22.7%	1.0%
Enterprise value	₹217.8M	₹343M	₹489.1M	₹370.9M	₹309.7M	₹241.3M	₹219.9M	₹236.8M
Net debt / EBITDA	-2.65×	2.29×	2.15×	2.43×	6.31×	-9.39×	-2.08×	9.04×
Cash conversion cycle (days)	-3,128	-970	-1,345	-1,036	-1,571	-983	-394	-1,379