Nandan Denim Limited (NDL.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

-16.7%

₹2.12

vs ₹2.54 price

Levered DCF

₹20.99

After debt service

Piotroski score

5 / 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	8×	15.78×	10.94×	424.32×	13.34×	-8.08×	-124.58×	12.07×
P/B	0.41×	0.85×	0.84×	0.42×	1.68×	0.32×	0.15×	0.53×
P/S	0.09×	0.15×	0.24×	0.11×	0.43×	0.14×	0.05×	0.18×
EV / EBITDA	3.45×	5.86×	5.25×	7.48×	8.24×	6.67×	4.83×	5.43×
Gross margin	7.8%	11.7%	11.2%	3.7%	11.8%	14.4%	13.4%	17.3%
Operating margin	1.6%	9.2%	4.2%	2.3%	6.0%	0.6%	1.7%	3.9%
Net margin	1.2%	0.9%	2.2%	0.0%	3.2%	-1.7%	-0.0%	1.5%
Current ratio	2.25×	1.49×	1.46×	1.32×	1.38×	1.49×	1.4×	1.36×
Debt / equity	0.18×	0.4×	0.56×	0.86×	1.04×	1.17×	1.06×	1.23×
Interest coverage	2.59×	8.9×	1.78×	0.86×	2.29×	0.11×	0.38×	2.07×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.4%	1.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-4111.1%	21.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.1%	5.4%	7.7%	0.1%	12.6%	-4.0%	-0.1%	4.3%
Return on invested capital	4.3%	25.8%	6.0%	0.5%	8.4%	0.4%	0.2%	3.4%
Return on assets	3.2%	2.6%	3.8%	0.0%	4.7%	-1.6%	-0.0%	1.7%
Free cash flow yield	50.4%	16.4%	38.0%	54.5%	5.4%	6.7%	180.8%	22.9%
Earnings yield	12.5%	6.3%	9.2%	0.2%	7.5%	-12.4%	-0.8%	8.1%
Enterprise value	₹3.6B	₹7.5B	₹8B	₹6.8B	₹14.3B	₹6.9B	₹5.8B	₹8.6B
Net debt / EBITDA	0.9×	1.74×	2.06×	5×	3.04×	5.2×	4.23×	3.79×
Cash conversion cycle (days)	44	36	74	88	73	30	105	34