Kewal Kiran Clothing Limited (KKCL.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

+508.7%

₹2,591.68

vs ₹425.75 price

Levered DCF

₹3,009.07

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.79

Safe zone

Rating

Overall 4 / 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	19.15×	19.65×	28.2×	21.64×	15.05×	54×	10.61×	19.88×
P/B	2.9×	3.58×	6.43×	4.71×	2.57×	2.47×	1.74×	3.71×
P/S	2.24×	2.94×	5.05×	3.33×	2.03×	3.53×	1.48×	3.22×
EV / EBITDA	10.19×	15.55×	19.38×	16.15×	11.02×	26.62×	6.98×	12.19×
Gross margin	42.2%	41.8%	42.8%	42.0%	40.7%	39.8%	50.1%	51.4%
Operating margin	16.0%	19.1%	19.4%	18.5%	15.5%	4.6%	16.7%	21.0%
Net margin	11.7%	15.0%	17.9%	15.4%	13.5%	6.5%	13.9%	16.2%
Current ratio	3.43×	2.46×	4.79×	2.56×	2.37×	3.28×	2.69×	1.98×
Debt / equity	0.14×	0.2×	0.03×	0.12×	0.17×	0.12×	0.21×	0.22×
Interest coverage	13.36×	18.82×	38.29×	22.44×	20.78×	2.07×	9.97×	15.13×
Dividend yield	0.9%	0.0%	0.6%	1.9%	3.0%	3.5%	7.3%	3.1%
Payout ratio	17.7%	0.0%	16.0%	41.4%	45.3%	186.6%	77.3%	61.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.1%	18.2%	22.8%	21.8%	17.1%	4.6%	16.4%	18.7%
Return on invested capital	11.3%	12.1%	18.4%	17.7%	13.0%	2.5%	12.3%	13.2%
Return on assets	9.5%	10.5%	18.4%	14.6%	11.0%	3.4%	11.5%	12.4%
Free cash flow yield	6.0%	-2.4%	2.9%	2.0%	3.8%	8.8%	4.7%	-0.8%
Earnings yield	5.2%	5.1%	3.5%	4.6%	6.6%	1.9%	9.4%	5.0%
Enterprise value	₹26.7B	₹29.6B	₹41.5B	₹24.7B	₹11.1B	₹9.5B	₹7.9B	₹16.4B
Net debt / EBITDA	-0.2×	0.17×	-0.92×	-0.68×	-1.13×	-3.29×	0.11×	0.3×
Cash conversion cycle (days)	184	187	111	194	181	211	207	189