Khazanchi Jewellers Limited (KHAZANCHI.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

-3017.4%

-₹20,808.16

vs ₹713.25 price

Levered DCF

-₹8,856.31

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

11.9

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.33×	31.94×	28.18×	35.24×	81.64×	96.39×	64.4×
P/B	4.85×	6.2×	4.1×	7.39×	9.28×	10.47×	6.54×
P/S	0.76×	0.81×	0.94×	0.55×	1.04×	0.7×	0.41×
EV / EBITDA	13.05×	23.06×	19.72×	20.89×	40.8×	41.25×	26.92×
Gross margin	6.4%	3.8%	5.4%	3.5%	4.3%	3.7%	2.5%
Operating margin	6.1%	3.6%	5.2%	3.2%	2.9%	2.0%	2.2%
Net margin	4.4%	2.5%	3.3%	1.6%	1.3%	0.7%	0.6%
Current ratio	3.02×	4.78×	4.97×	2.32×	2.65×	2.48×	27.92×
Debt / equity	0.35×	0.28×	0.29×	2.35×	2.93×	2.94×	3.43×
Interest coverage	22.13×	17.16×	8.85×	2.42×	1.75×	1.67×	1.45×
Dividend yield	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	1.4%	2.8%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	28.0%	19.4%	14.5%	21.0%	11.4%	10.8%	10.2%
Return on invested capital	21.4%	15.9%	13.0%	9.5%	5.1%	5.7%	6.1%
Return on assets	19.2%	14.1%	10.7%	5.2%	2.6%	2.4%	2.2%
Free cash flow yield	0.0%	-0.3%	-11.2%	1.9%	-4.6%	1.6%	-2.3%
Earnings yield	5.8%	3.1%	3.5%	2.8%	1.2%	1.0%	1.6%
Enterprise value	₹16.6B	₹15B	₹8.2B	₹3.5B	₹3.5B	₹3.4B	₹2.3B
Net debt / EBITDA	0.84×	0.96×	1.29×	5.02×	9.65×	8.89×	9.23×
Cash conversion cycle (days)	76	58	104	84	147	90	88