NDA Securities Limited (NDASEC.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

+201.4%

₹63.29

vs ₹21.00 price

Levered DCF

-₹14.18

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.7

Distress zone

Rating

D+

Overall 1 / 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	-75.53×	11.49×	61.02×	7.13×	8.79×	7.68×	-5.75×	-34.67×
P/B	1.74×	1.46×	3.54×	0.65×	0.81×	0.42×	0.91×	0.66×
P/S	2.49×	2.37×	6.73×	1.08×	0.86×	0.53×	1.26×	0.92×
EV / EBITDA	130.39×	9.06×	32.81×	14.92×	8.42×	2.2×	-4.48×	15.72×
Gross margin	33.1%	58.3%	49.3%	42.5%	42.6%	45.8%	31.9%	37.2%
Operating margin	-9.9%	24.7%	7.6%	-0.7%	8.6%	4.5%	48.4%	61.8%
Net margin	-3.3%	20.4%	11.0%	15.1%	9.8%	6.9%	-22.0%	-2.7%
Current ratio	1.82×	1.84×	1.81×	1.86×	1.8×	1.58×	2.05×	1.88×
Debt / equity	0×	0.04×	0.12×	0.07×	0.27×	0.18×	0.01×	0.16×
Interest coverage	-3.32×	8.47×	2.77×	-0.61×	9.31×	2.99×	17.94×	20.58×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.3%	12.5%	5.8%	9.1%	9.3%	5.4%	-15.9%	-1.9%
Return on invested capital	-6.2%	12.6%	2.3%	-0.4%	6.1%	3.1%	32.3%	34.4%
Return on assets	-1.4%	8.0%	2.9%	4.8%	4.7%	2.4%	-9.8%	-1.1%
Free cash flow yield	4.6%	-1.7%	-5.9%	25.5%	-15.5%	56.8%	-5.9%	-10.9%
Earnings yield	-1.3%	8.6%	1.6%	14.0%	11.4%	13.0%	-17.4%	-2.9%
Enterprise value	₹195.6M	₹182.7M	₹396.1M	₹61M	₹84.5M	₹13.4M	₹35.7M	₹34.6M
Net debt / EBITDA	-10.36×	0.08×	0.92×	1.15×	1.95×	-2.76×	3.37×	-8.33×
Cash conversion cycle (days)	-271	-518	-903	-775	-447	-800	-235	-339