Narmada Agrobase Limited (NARMADA.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

-248.3%

-₹17.06

vs ₹11.50 price

Levered DCF

-₹25.94

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

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	29.71×	10.64×	28.75×	36.04×	42.22×	38.84×	37.35×	53.94×
P/B	1.93×	1.13×	1.7×	1.48×	1.73×	1.76×	2.09×	1.95×
P/S	1.46×	0.96×	0.57×	0.47×	0.75×	0.45×	0.48×	0.56×
EV / EBITDA	22.98×	9.24×	14.72×	15.93×	17.76×	15.14×	15.4×	18.21×
Gross margin	10.6%	13.1%	14.2%	13.3%	15.5%	6.6%	10.1%	10.8%
Operating margin	6.1%	8.1%	4.5%	3.4%	4.7%	3.5%	3.3%	8.5%
Net margin	4.9%	6.2%	2.0%	1.3%	1.7%	1.2%	1.3%	1.0%
Current ratio	5.09×	6.21×	2.24×	2.14×	1.94×	1.96×	2.04×	2.01×
Debt / equity	0.17×	0.17×	0.57×	0.63×	0.64×	0.58×	0.59×	0.67×
Interest coverage	5.8×	6.36×	2.34×	1.97×	1.99×	2.37×	1.99×	3.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.3%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	11.0%	11.5%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.5%	7.3%	6.0%	4.1%	4.0%	4.6%	5.5%	3.7%
Return on invested capital	5.1%	6.5%	6.4%	4.8%	4.5%	5.8%	6.7%	13.0%
Return on assets	5.3%	6.2%	3.6%	2.4%	2.3%	2.5%	3.2%	2.1%
Free cash flow yield	-0.9%	-25.7%	4.2%	0.2%	-0.3%	3.8%	1.2%	-28.6%
Earnings yield	3.4%	6.5%	3.5%	2.8%	2.3%	2.6%	2.6%	1.9%
Enterprise value	₹1.1B	₹576.4M	₹377M	₹329.6M	₹353.9M	₹345.5M	₹377M	₹342.9M
Net debt / EBITDA	-0.05×	-0.86×	3.48×	4.6×	4.56×	3.61×	3.24×	4.19×
Cash conversion cycle (days)	232	255	175	165	218	115	105	125