Kalyani Investment Company Limited (KICL.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

+91.5%

₹8,309.42

vs ₹4,340.20 price

Levered DCF

-₹2,734.98

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	47.79×	26×	23.14×	13.17×	12.08×	19.86×	8.68×	12.4×
P/B	0.15×	0.21×	0.2×	0.13×	0.13×	0.15×	0.21×	0.2×
P/S	23.02×	31.02×	30.22×	16.21×	25.27×	10,250.58×	10.49×	23.58×
EV / EBITDA	35.88×	35.01×	27.59×	16.5×	28.69×	486.36×	11.09×	26.21×
Gross margin	100.0%	99.2%	99.2%	99.1%	96.1%	-2407.5%	96.5%	96.0%
Operating margin	84.1%	88.4%	109.3%	98.0%	87.7%	1962.7%	94.3%	89.7%
Net margin	48.2%	119.3%	130.6%	123.1%	209.2%	51619.4%	120.9%	190.2%
Current ratio	530.11×	3,714.42×	3,959.34×	3,509.14×	3,538.07×	7,262.67×	1,468.66×	3,245.73×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
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	0.3%	0.8%	0.8%	1.0%	1.1%	0.7%	2.4%	1.6%
Return on invested capital	0.4%	0.4%	0.5%	0.6%	0.4%	0.0%	1.4%	0.8%
Return on assets	0.3%	0.8%	0.8%	1.0%	1.0%	0.7%	2.3%	1.6%
Free cash flow yield	0.0%	-0.6%	-0.7%	-0.5%	-1.3%	-3.4%	0.3%	3.9%
Earnings yield	2.1%	3.8%	4.3%	7.6%	8.3%	5.0%	11.5%	8.1%
Enterprise value	₹17.6B	₹18.6B	₹16.2B	₹7.6B	₹6.9B	₹6.9B	₹4.2B	₹7.6B
Net debt / EBITDA	-0×	-0×	-0×	-0×	-0×	-0.03×	-0×	-0×
Cash conversion cycle (days)	-42	-206	-82	-100	-36	-31	-45	-42