Kross Ltd. (KROSS.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

-88.9%

₹30.58

vs ₹275.25 price

Levered DCF

-₹45.04

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.02

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
P/E	18.88×	20.79×	37.33×	54.24×	137.47×	295.24×
P/B	2.13×	2.3×	11.42×	16.41×	23.15×	23.46×
P/S	1.55×	1.64×	2.78×	3.64×	6.1×	7.65×
EV / EBITDA	11.83×	11.09×	22.07×	30.49×	60.21×	77.62×
Gross margin	45.7%	36.8%	35.1%	29.6%	27.4%	15.2%
Operating margin	11.7%	12.2%	12.4%	11.6%	8.7%	7.8%
Net margin	8.2%	7.9%	7.4%	6.7%	4.4%	2.6%
Current ratio	3.46×	3.21×	1.37×	1.37×	1.23×	1.28×
Debt / equity	0.11×	0.08×	0.8×	0.86×	1.19×	1.39×
Interest coverage	9.77×	6.56×	5.38×	4.67×	3.23×	1.6×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	4.4%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	11.3%	11.1%	30.6%	30.3%	16.8%	8.0%
Return on invested capital	10.4%	11.0%	19.9%	19.7%	10.7%	7.7%
Return on assets	8.6%	8.4%	12.8%	12.4%	6.2%	2.7%
Free cash flow yield	-7.0%	-6.1%	-1.1%	1.4%	0.3%	-1.3%
Earnings yield	5.3%	4.8%	2.7%	1.8%	0.7%	0.3%
Enterprise value	₹10.9B	₹9.5B	₹17.9B	₹17.5B	₹17.6B	₹14.9B
Net debt / EBITDA	0.53×	-0.57×	1.39×	1.31×	2.92×	4.32×
Cash conversion cycle (days)	153	139	99	73	107	172