NG Industries Ltd. (NGIND.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

+268.2%

₹375.96

vs ₹102.10 price

Levered DCF

₹279.83

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

12.09

Safe zone

Rating

C+

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	24.68×	7.35×	11.17×	3.22×	7.96×	21.75×	10.27×	18.15×
P/B	1.28×	1.48×	1.55×	0.95×	0.87×	0.89×	1.61×	1.86×
P/S	2.61×	3.44×	3.33×	1.43×	1.13×	1.12×	0.81×	1.16×
EV / EBITDA	15.29×	5.75×	8.43×	2.5×	4.99×	8.55×	6.38×	8.47×
Gross margin	55.0%	57.3%	58.2%	63.4%	64.3%	73.0%	73.8%	73.2%
Operating margin	7.3%	7.2%	57.6%	7.2%	9.7%	6.4%	12.1%	12.7%
Net margin	10.6%	46.8%	29.8%	44.5%	14.2%	5.2%	7.9%	6.4%
Current ratio	1.55×	1.3×	1.32×	1.19×	1.6×	1.29×	0.5×	1.2×
Debt / equity	0.05×	0.05×	0.03×	0.02×	0.02×	0.02×	0.32×	0.11×
Interest coverage	16.38×	27.05×	607.88×	17.19×	19.37×	10.19×	14.02×	12.51×
Dividend yield	2.7%	2.1%	2.1%	4.4%	0.0%	0.1%	9.4%	6.9%
Payout ratio	67.5%	15.1%	23.3%	14.1%	0.2%	1.7%	96.6%	125.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.2%	20.1%	13.9%	29.5%	10.9%	4.1%	15.7%	10.3%
Return on invested capital	2.7%	2.5%	22.4%	4.0%	5.7%	3.7%	13.1%	12.0%
Return on assets	4.9%	18.6%	12.6%	27.1%	9.6%	3.6%	10.5%	8.4%
Free cash flow yield	3.8%	3.6%	-3.7%	11.2%	-12.1%	5.8%	14.5%	14.9%
Earnings yield	4.1%	13.6%	9.0%	31.1%	12.6%	4.6%	9.7%	5.5%
Enterprise value	₹430.1M	₹563.7M	₹550.2M	₹256.2M	₹199M	₹119.7M	₹170.4M	₹203.4M
Net debt / EBITDA	0.08×	-0.06×	-0.18×	-0.11×	-0.22×	-0.97×	0.74×	-0.04×
Cash conversion cycle (days)	57	55	-12	-15	143	43	51	64