Neelkanth Ltd. (NEELKANTH.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

-43.1%

₹22.69

vs ₹39.87 price

Levered DCF

₹30.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

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	68.68×	1,683.33×	52.07×	230.52×	-372.38×	-403.42×	302.56×	-43.61×
P/B	1.73×	1.35×	1.63×	2.27×	2.23×	2.21×	2.27×	2.28×
P/S	5.18×	2.62×	2.74×	6.65×	3.94×	8.73×	7.8×	4.53×
EV / EBITDA	305.03×	79.67×	35.3×	65.06×	22.63×	223.94×	192.6×	799.57×
Gross margin	3.0%	9.0%	9.8%	17.7%	16.9%	7.7%	7.8%	7.1%
Operating margin	-2.9%	0.8%	5.4%	6.7%	14.5%	-0.3%	11.2%	12.4%
Net margin	7.5%	0.2%	5.3%	2.8%	-1.1%	-2.2%	2.6%	-10.4%
Current ratio	13.17×	12.43×	6.71×	28.61×	4×	0.01×	0.01×	0.01×
Debt / equity	0.04×	0.04×	0.05×	0.06×	0.07×	1.68×	1.68×	1.64×
Interest coverage	-1.41×	0.91×	6.01×	1.52×	0.94×	-0.06×	8.39×	110.35×
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	2.5%	0.1%	3.1%	1.0%	-0.6%	-0.5%	0.7%	-5.2%
Return on invested capital	-0.5%	0.4%	3.1%	2.1%	-53.5%	-0.0%	1.1%	1.8%
Return on assets	2.3%	0.1%	2.7%	0.9%	-0.4%	-0.2%	0.3%	-1.9%
Free cash flow yield	-2.4%	2.4%	0.4%	-0.6%	77.8%	1.2%	-3.1%	-1.8%
Earnings yield	1.5%	0.1%	1.9%	0.4%	-0.3%	-0.2%	0.3%	-2.3%
Enterprise value	₹173.9M	₹131.3M	₹161.1M	₹215.7M	₹207.9M	₹359.4M	₹367.7M	₹361.4M
Net debt / EBITDA	6.8×	1.07×	0.99×	1.41×	0.3×	96.51×	82.06×	334.5×
Cash conversion cycle (days)	1,044	248	482	690	527	-35	-9	-12