National Plastic Industries Limited (NATPLAS.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

+46.9%

₹54.29

vs ₹36.97 price

Levered DCF

₹167.10

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B+

Overall 3 / 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	10.45×	13.39×	37.99×	7.84×	11.96×	9.42×	6.93×	14.73×
P/B	0.79×	1.2×	1.61×	0.94×	1.06×	0.75×	0.53×	1.23×
P/S	0.35×	0.52×	0.62×	0.3×	0.41×	0.29×	0.13×	0.3×
EV / EBITDA	5.26×	8.13×	8.76×	5.75×	9.4×	10.02×	7.56×	8.23×
Gross margin	29.3%	27.1%	15.6%	35.9%	12.9%	24.2%	28.0%	21.0%
Operating margin	7.4%	6.4%	7.6%	8.0%	5.3%	4.8%	22.0%	5.2%
Net margin	3.4%	3.9%	1.6%	3.9%	3.4%	3.1%	1.8%	2.0%
Current ratio	2×	1.72×	1.56×	1.62×	1.41×	1.25×	1.21×	1.22×
Debt / equity	0.52×	0.63×	1.11×	1.1×	1.52×	1.58×	1.57×	1.71×
Interest coverage	3.77×	3.56×	3.66×	2.84×	1.6×	1.42×	8.22×	1.81×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.5%	3.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	52.0%	49.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.6%	9.0%	4.2%	12.0%	8.9%	8.0%	7.7%	8.3%
Return on invested capital	5.4%	6.1%	2.5%	7.5%	5.2%	4.4%	32.7%	4.7%
Return on assets	4.2%	4.6%	1.6%	4.6%	3.0%	2.5%	2.2%	2.3%
Free cash flow yield	-8.1%	8.2%	22.1%	26.9%	1.9%	23.0%	44.6%	3.2%
Earnings yield	9.6%	7.5%	2.6%	12.7%	8.4%	10.6%	14.5%	6.8%
Enterprise value	₹599.7M	₹763.8M	₹910.9M	₹739.3M	₹818.3M	₹665.7M	₹572.2M	₹778.5M
Net debt / EBITDA	2.09×	2.78×	2.86×	3.1×	5.53×	6.65×	5.63×	4.76×
Cash conversion cycle (days)	162	157	155	156	210	213	136	148