NCL Industries Limited (NCLIND.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

+62.3%

₹260.65

vs ₹160.63 price

Levered DCF

₹219.11

After debt service

Piotroski score

6 / 9

Average

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	6.85×	33.63×	9.43×	18.22×	8.52×	5.35×	4.8×	14.43×
P/B	0.7×	0.99×	1.03×	1.05×	1.09×	1.17×	0.46×	1.35×
P/S	0.46×	0.6×	0.47×	0.5×	0.49×	0.56×	0.26×	0.69×
EV / EBITDA	4.68×	9×	4.67×	6.41×	5.42×	3.52×	3.95×	6.77×
Gross margin	43.9%	38.8%	36.7%	43.7%	50.7%	55.0%	50.1%	43.5%
Operating margin	9.5%	3.7%	8.3%	6.4%	10.0%	17.3%	10.7%	9.6%
Net margin	6.7%	1.8%	5.0%	2.8%	5.8%	10.5%	5.4%	4.8%
Current ratio	1.13×	1.14×	1.36×	1.34×	1.3×	1.1×	0.94×	1.03×
Debt / equity	0.25×	0.29×	0.26×	0.38×	0.5×	0.45×	0.61×	0.59×
Interest coverage	7.07×	2.52×	6.83×	3.8×	6.48×	10.89×	3.17×	2.55×
Dividend yield	2.4%	1.9%	1.5%	1.7%	2.3%	1.5%	8.9%	1.2%
Payout ratio	16.6%	62.8%	14.6%	30.6%	19.2%	7.8%	42.9%	17.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.1%	2.9%	11.0%	5.8%	12.7%	21.9%	9.6%	9.4%
Return on invested capital	8.9%	2.3%	7.7%	3.9%	8.5%	14.7%	7.8%	8.2%
Return on assets	6.1%	1.5%	6.1%	2.9%	6.4%	11.2%	4.4%	4.3%
Free cash flow yield	2.4%	-5.9%	13.8%	13.0%	-8.5%	12.2%	11.0%	0.3%
Earnings yield	14.6%	3.0%	10.6%	5.5%	11.7%	18.7%	20.9%	6.9%
Enterprise value	₹8.9B	₹10.8B	₹10.5B	₹10.7B	₹11.8B	₹10.2B	₹5.6B	₹9.6B
Net debt / EBITDA	1.24×	1.97×	0.77×	1.57×	1.71×	0.83×	2.24×	1.99×
Cash conversion cycle (days)	70	78	38	62	64	52	92	76