Natraj Proteins Limited (NATRAJPR.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

+248.9%

₹122.64

vs ₹35.15 price

Levered DCF

-₹72.09

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.36

Grey zone

Rating

A+

Overall 5 / 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	11.49×	-10.19×	-1.22×	20.34×	4.21×	26.38×	24.56×	8.79×
P/B	0.39×	0.46×	0.45×	0.31×	0.87×	0.29×	0.23×	0.28×
P/S	0.13×	0.13×	0.08×	0.1×	0.27×	0.07×	0.05×	0.05×
EV / EBITDA	13.56×	33.65×	-5.87×	14.29×	4.29×	10.13×	8.41×	6.75×
Gross margin	7.3%	6.7%	-3.6%	6.1%	13.6%	6.7%	5.8%	7.9%
Operating margin	3.2%	5.6%	-5.1%	1.9%	9.5%	1.8%	2.5%	2.8%
Net margin	1.1%	-1.2%	-6.5%	0.5%	6.5%	0.3%	0.2%	0.6%
Current ratio	1.47×	1.72×	1.51×	1.89×	2.42×	1.94×	1.91×	1.84×
Debt / equity	1.08×	0.7×	1.19×	0.73×	0.6×	0.61×	0.87×	0.87×
Interest coverage	1.35×	2.7×	-3.33×	1.55×	12.83×	1.48×	1.08×	1.27×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.4%	-4.5%	-37.1%	1.5%	20.6%	1.1%	1.0%	3.2%
Return on invested capital	4.6%	11.7%	-13.1%	2.4%	13.5%	1.8%	5.8%	6.7%
Return on assets	1.5%	-2.5%	-16.1%	0.8%	12.4%	0.6%	0.5%	1.6%
Free cash flow yield	-122.7%	140.3%	-37.3%	4.5%	10.3%	82.1%	19.1%	289.8%
Earnings yield	8.7%	-9.8%	-81.9%	4.9%	23.7%	3.8%	4.1%	11.4%
Enterprise value	₹489M	₹375.3M	₹546.5M	₹457.8M	₹618.5M	₹323.1M	₹368M	₹408.9M
Net debt / EBITDA	9.94×	20.29×	-4.23×	9.77×	1.55×	6.87×	6.52×	5.09×
Cash conversion cycle (days)	213	133	110	166	157	137	143	115