Kovai Medical Center and Hospital Limited (KOVAI.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

-22.7%

₹4,527.80

vs ₹5,860.30 price

Levered DCF

₹5,605.71

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.13

Safe zone

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	22.48×	27.22×	24.57×	17.37×	16.7×	15.49×	7.87×	14.55×
P/B	4.17×	5.24×	4.97×	2.8×	2.86×	2.36×	1.73×	2.55×
P/S	3.47×	4.15×	3.62×	1.97×	1.92×	1.74×	1.07×	1.4×
EV / EBITDA	12.49×	14.93×	12.87×	8.71×	8.39×	8.78×	6.91×	8.57×
Gross margin	31.6%	33.7%	51.1%	72.2%	71.7%	38.2%	68.1%	67.7%
Operating margin	20.8%	21.0%	35.9%	18.3%	19.6%	50.0%	17.2%	16.0%
Net margin	15.4%	15.2%	14.7%	11.4%	11.5%	11.3%	13.6%	9.6%
Current ratio	1.29×	1.22×	1.22×	1.59×	1.46×	1.36×	1.34×	1.07×
Debt / equity	0.31×	0.38×	0.35×	0.71×	0.9×	1.22×	1.26×	1.1×
Interest coverage	10.29×	8.82×	11.95×	4.3×	3.85×	10.33×	6.8×	6.79×
Dividend yield	0.2%	0.2%	0.2%	0.3%	0.2%	0.0%	1.0%	0.5%
Payout ratio	4.5%	5.1%	6.1%	5.7%	3.2%	0.2%	8.2%	6.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.5%	19.2%	20.2%	16.1%	17.1%	15.2%	21.9%	17.5%
Return on invested capital	13.8%	13.8%	26.4%	10.8%	10.9%	21.6%	10.0%	8.4%
Return on assets	11.8%	11.6%	12.5%	8.0%	7.8%	6.1%	8.5%	7.1%
Free cash flow yield	1.9%	-0.5%	4.7%	6.7%	9.3%	0.4%	-15.3%	-17.2%
Earnings yield	4.4%	3.7%	4.1%	5.8%	6.0%	6.5%	12.7%	6.9%
Enterprise value	₹58.3B	₹60.9B	₹46.7B	₹25B	₹22.9B	₹18.2B	₹12.5B	₹12.3B
Net debt / EBITDA	0.73×	0.98×	0.69×	1.71×	2×	2.97×	2.81×	2.45×
Cash conversion cycle (days)	7	3	-2	-6	7	-2	-16	-17