Natural Biocon (India) Limited (NATURAL.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

-118.1%

-₹0.37

vs ₹2.05 price

Levered DCF

₹9.02

After debt service

Piotroski score

2 / 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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-162.5×	801.1×	82.69×	72.94×	201.21×	4,862.5×	-165.77×	182.92×
P/B	0.21×	1.12×	0.99×	1.09×	1.1×	1.11×	1.11×	1.1×
P/S	2.55×	4.27×	0.9×	10.58×	27.54×	100.61×	0×	29.57×
EV / EBITDA	-180.36×	596.24×	53.72×	52.48×	149.05×	3,187.88×	0×	115.67×
Gross margin	7.5%	11.4%	6.4%	26.3%	35.6%	23.6%	0.0%	90.7%
Operating margin	-1.6%	0.7%	1.7%	19.8%	18.4%	3.2%	0.0%	25.0%
Net margin	-1.6%	0.5%	1.1%	14.3%	13.7%	2.1%	0.0%	16.2%
Current ratio	0.86×	1.06×	1.23×	1.67×	3.78×	4.57×	2.59×	0.87×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.03×	0.06×	0.07×
Interest coverage	0×	67.27×	0×	206.83×	102.91×	7.14×	-385.79×	177.62×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	94.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.1%	0.1%	1.2%	1.5%	0.5%	0.0%	-0.7%	0.6%
Return on invested capital	-0.1%	0.1%	1.2%	1.5%	0.5%	0.0%	-0.2%	0.5%
Return on assets	-0.1%	0.1%	0.9%	1.3%	0.5%	0.0%	-0.6%	0.6%
Free cash flow yield	0.2%	0.8%	-1.0%	1.6%	1.5%	2.4%	1.1%	-6.5%
Earnings yield	-0.6%	0.1%	1.2%	1.3%	0.5%	0.0%	-0.6%	0.5%
Enterprise value	₹68.4M	₹358.9M	₹121M	₹130.3M	₹132.3M	₹135.9M	₹139.1M	₹140.7M
Net debt / EBITDA	-8.86×	3.96×	-0.54×	-0.99×	-0.52×	74.57×	0×	6.53×
Cash conversion cycle (days)	6	-14	18	143	411	1,634	0	1,122