Nesco Limited (NESCO.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

+86.6%

₹1,940.39

vs ₹1,039.65 price

Levered DCF

₹1,415.76

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

8.68

Safe zone

Rating

A+

Overall 4 / 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	17.31×	17.59×	16.51×	12.55×	20.58×	21.5×	14.74×	18.91×
P/B	2.38×	2.51×	2.61×	1.86×	2.29×	2.42×	2.54×	2.91×
P/S	7.67×	9.01×	8.83×	6.68×	11.54×	12.74×	7.98×	9.49×
EV / EBITDA	12.55×	11.93×	11.23×	9.09×	15.25×	15.29×	10.72×	12.89×
Gross margin	86.1%	79.2%	90.9%	77.5%	71.8%	73.5%	95.4%	93.0%
Operating margin	47.3%	53.0%	54.9%	106.9%	58.4%	56.8%	59.8%	62.5%
Net margin	44.3%	51.3%	53.5%	53.2%	56.1%	59.2%	54.2%	50.2%
Current ratio	2.63×	2.5×	3.12×	4.7×	3.73×	1.73×	1.1×	0.78×
Debt / equity	0.09×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	17.49×	31.49×	26.5×	47.81×	2,274.68×	1,993.75×	2,186.62×	1,465.81×
Dividend yield	0.6%	0.6%	0.5%	0.6%	0.5%	0.0%	1.4%	0.5%
Payout ratio	11.1%	11.3%	8.7%	7.3%	11.2%	0.0%	20.0%	9.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.8%	14.3%	15.8%	14.8%	11.1%	11.3%	17.2%	15.4%
Return on invested capital	10.1%	10.4%	11.7%	21.5%	8.7%	7.8%	13.7%	13.0%
Return on assets	11.2%	12.4%	13.7%	12.8%	9.6%	9.5%	14.5%	13.4%
Free cash flow yield	0.9%	-5.2%	4.5%	7.8%	0.4%	1.9%	4.4%	0.6%
Earnings yield	5.8%	5.7%	6.1%	8.0%	4.9%	4.7%	6.8%	5.3%
Enterprise value	₹74B	₹65.8B	₹59.7B	₹36.4B	₹38.9B	₹37B	₹34.4B	₹34.1B
Net debt / EBITDA	0.44×	-0.03×	-0.04×	-0.03×	-0.02×	-0.03×	-0.03×	-0.02×
Cash conversion cycle (days)	1	35	38	56	64	83	-78	-22