Nahar Capital and Financial Services Limited (NAHARCAP.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

+357.8%

₹1,050.44

vs ₹229.45 price

Levered DCF

-₹917.40

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.64

Distress 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	5.16×	7.72×	41.42×	3.89×	4.38×	2.87×	23.28×	6.05×
P/B	0.2×	0.25×	0.32×	0.27×	0.64×	0.17×	0.11×	0.15×
P/S	6.66×	15.44×	21.79×	17.29×	38.42×	11.27×	6.83×	15.8×
EV / EBITDA	4.16×	6.5×	30.45×	4.38×	3.24×	2.13×	18.67×	4.94×
Gross margin	95.2%	71.4%	71.0%	74.2%	80.0%	75.6%	67.8%	33.7%
Operating margin	69.7%	143.0%	188.9%	100.3%	129.6%	252.2%	86.4%	147.9%
Net margin	129.0%	200.1%	52.6%	444.8%	876.4%	392.5%	29.3%	261.3%
Current ratio	0×	0.31×	0.46×	0.44×	0.44×	251.47×	1.78×	1.03×
Debt / equity	0.01×	0×	0×	0×	0×	0.01×	0.01×	0×
Interest coverage	125.85×	78.11×	298.33×	181.42×	369.34×	225.18×	21.15×	34.69×
Dividend yield	0.8%	0.7%	0.5%	0.6%	0.5%	0.5%	3.5%	2.0%
Payout ratio	4.0%	5.0%	21.3%	2.4%	2.2%	1.4%	82.0%	12.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.9%	3.2%	0.8%	7.0%	14.5%	5.8%	0.5%	2.5%
Return on invested capital	1.7%	1.9%	2.1%	1.6%	1.6%	2.5%	1.4%	1.1%
Return on assets	3.5%	2.9%	0.7%	6.3%	13.1%	5.3%	0.4%	2.3%
Free cash flow yield	5.7%	5.7%	-3.7%	-8.2%	-7.0%	-31.4%	149.4%	-36.6%
Earnings yield	19.4%	13.0%	2.4%	25.7%	22.8%	34.8%	4.3%	16.5%
Enterprise value	₹3.4B	₹3.9B	₹4.9B	₹4.1B	₹9.9B	₹1.8B	₹900.9M	₹1.6B
Net debt / EBITDA	0.12×	0.08×	0.25×	-0.01×	0×	0.06×	0.82×	0.15×
Cash conversion cycle (days)	-85	-3	43	185	1,061	2,775	2,811	1,888