Nelcast Limited (NELCAST.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

-104.0%

-₹6.77

vs ₹169.20 price

Levered DCF

-₹21.04

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 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	20.64×	20.52×	22.26×	25.96×	35.98×	61.78×	7.34×	16.52×
P/B	1.68×	1.38×	2.33×	1.65×	1.16×	1.3×	0.63×	1.61×
P/S	0.75×	0.62×	0.96×	0.61×	0.56×	0.91×	0.47×	0.74×
EV / EBITDA	10.61×	11.09×	12.44×	11.03×	11.76×	14.85×	7.64×	9.56×
Gross margin	37.0%	56.6%	35.0%	12.9%	10.4%	10.9%	11.3%	11.7%
Operating margin	6.3%	4.3%	5.4%	4.0%	3.3%	4.0%	6.0%	7.3%
Net margin	3.6%	3.0%	4.3%	2.4%	1.5%	1.5%	6.4%	4.5%
Current ratio	1.31×	1.27×	1.3×	1.31×	1.41×	1.39×	1.68×	1.43×
Debt / equity	0.43×	0.53×	0.63×	0.65×	0.63×	0.5×	0.54×	0.51×
Interest coverage	2.57×	1.51×	2.16×	1.61×	1.17×	1.43×	2.7×	10.39×
Dividend yield	0.4%	0.5%	0.3%	0.3%	0.3%	0.0%	4.0%	1.7%
Payout ratio	9.0%	9.3%	6.4%	8.8%	12.2%	0.0%	29.1%	27.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.1%	6.7%	10.5%	6.3%	3.2%	2.1%	8.6%	9.7%
Return on invested capital	6.9%	4.5%	6.0%	4.5%	2.9%	2.7%	5.0%	6.4%
Return on assets	4.0%	3.2%	4.8%	2.9%	1.5%	1.1%	4.6%	4.9%
Free cash flow yield	4.7%	1.5%	-3.7%	7.8%	-10.6%	-16.2%	-13.2%	-8.1%
Earnings yield	4.8%	4.9%	4.5%	3.8%	2.8%	1.6%	13.6%	6.1%
Enterprise value	₹11.7B	₹9.8B	₹14.6B	₹9.7B	₹7.3B	₹7.1B	₹4.4B	₹7.8B
Net debt / EBITDA	1.56×	2.44×	2.09×	2.26×	3.51×	3.14×	3.06×	1.74×
Cash conversion cycle (days)	65	63	78	66	87	93	107	72