National Fittings Limited (NATFIT.BO) 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

-46.5%

₹143.48

vs ₹268.35 price

Levered DCF

₹74.65

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

5.73

Safe zone

Rating

A-

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	14.69×	4.51×	16.45×	12.25×	38.68×	19.89×	14.9×	34.04×
P/B	1.5×	1.3×	1.62×	0.98×	1.01×	0.64×	0.4×	2.02×
P/S	1.46×	1.36×	1.27×	0.63×	0.78×	0.65×	0.36×	1.82×
EV / EBITDA	8.71×	8.43×	7.98×	5.8×	10.72×	7.89×	5.14×	12.19×
Gross margin	26.0%	12.9%	16.1%	13.6%	41.8%	46.1%	50.0%	50.0%
Operating margin	10.0%	5.6%	9.4%	7.4%	1.5%	2.2%	1.3%	4.6%
Net margin	10.0%	30.2%	7.7%	5.2%	2.0%	3.3%	2.4%	5.4%
Current ratio	3.61×	4.44×	1.44×	1.27×	1.26×	1.44×	1.29×	1.41×
Debt / equity	0.18×	0.07×	0.26×	0.37×	0.36×	0.32×	0.34×	0.43×
Interest coverage	10.49×	4.95×	5.6×	5.97×	0.87×	1.14×	0.43×	1.49×
Dividend yield	0.7%	1.3%	1.4%	1.7%	2.1%	0.0%	10.4%	0.0%
Payout ratio	10.0%	5.8%	23.3%	20.7%	81.0%	0.0%	155.5%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.2%	28.8%	9.8%	8.0%	2.6%	3.2%	2.7%	5.9%
Return on invested capital	5.9%	4.2%	6.6%	5.3%	1.1%	1.1%	0.9%	2.2%
Return on assets	7.6%	22.7%	6.6%	4.9%	1.6%	2.0%	1.6%	3.3%
Free cash flow yield	-5.7%	5.2%	6.8%	-0.8%	-1.9%	21.2%	-4.5%	-2.6%
Earnings yield	6.8%	22.2%	6.1%	8.2%	2.6%	5.0%	6.7%	2.9%
Enterprise value	₹1.1B	₹664.1M	₹1B	₹641.4M	₹608.9M	₹469.1M	₹290.9M	₹1.1B
Net debt / EBITDA	-2.36×	-4.92×	0.4×	0.94×	1.57×	2.39×	1.62×	0.66×
Cash conversion cycle (days)	111	94	92	77	102	134	156	124