North Eastern Carrying Corporation Limited (NECCLTD.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

+109.8%

₹36.42

vs ₹17.36 price

Levered DCF

-₹39.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.51

Grey zone

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	13.81×	23.96×	30.54×	15.57×	41.14×	30.58×	2.97×	10.18×
P/B	0.47×	1.1×	1.26×	0.92×	1.78×	0.45×	0.2×	0.53×
P/S	0.35×	0.73×	0.73×	0.32×	0.7×	0.19×	0.05×	0.14×
EV / EBITDA	9.55×	14.55×	15.09×	10.25×	17.36×	10.73×	4.86×	7.72×
Gross margin	9.0%	11.4%	11.7%	11.1%	10.8%	8.7%	8.5%	7.6%
Operating margin	4.4%	5.9%	5.4%	5.6%	4.6%	2.7%	4.1%	3.3%
Net margin	2.5%	3.1%	2.4%	1.9%	1.7%	0.6%	1.7%	1.3%
Current ratio	2.61×	2.7×	2.67×	1.77×	1.77×	1.79×	1.75×	1.77×
Debt / equity	0.55×	0.48×	0.53×	1.14×	1.02×	0.91×	0.82×	0.83×
Interest coverage	1.47×	2.74×	1.98×	2.12×	1.88×	0.87×	2.19×	2.01×
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%	4.7%	4.1%	5.5%	4.3%	1.5%	6.8%	5.2%
Return on invested capital	2.8%	4.7%	4.7%	4.6%	4.2%	3.5%	6.6%	4.2%
Return on assets	2.1%	3.0%	2.5%	2.4%	2.0%	0.7%	3.2%	2.5%
Free cash flow yield	-22.7%	-10.8%	-20.0%	-18.6%	-7.6%	-24.8%	-28.6%	-40.0%
Earnings yield	7.2%	4.3%	3.3%	6.0%	2.4%	3.3%	33.7%	9.8%
Enterprise value	₹2.2B	₹3.3B	₹3.3B	₹2.1B	₹2.7B	₹1.2B	₹894.9M	₹1.1B
Net debt / EBITDA	4.94×	3.97×	3.78×	5.47×	6.01×	6.99×	3.83×	4.55×
Cash conversion cycle (days)	383	335	127	134	150	159	106	-33