The New India Assurance Company Limited (NIACL.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

+40.8%

₹220.54

vs ₹156.62 price

Levered DCF

₹1,178.57

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

1.08

Distress zone

Rating

C-

Overall 1 / 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	13.73×	25.12×	35.41×	15.3×	94.62×	15.51×	12.83×	51.47×
P/B	0.51×	0.59×	0.87×	0.41×	0.46×	0.66×	0.65×	0.8×
P/S	0.38×	0.61×	0.92×	0.39×	0.5×	0.77×	0.6×	1.12×
EV / EBITDA	0.12×	7.09×	16.45×	2.64×	19.55×	6.24×	4.08×	27.54×
Gross margin	25.0%	93.6%	94.2%	94.3%	91.8%	92.7%	92.5%	92.0%
Operating margin	2.6%	91.8%	88.4%	89.5%	86.8%	82.0%	86.4%	84.7%
Net margin	2.8%	2.4%	2.6%	2.6%	0.5%	5.0%	4.7%	2.2%
Current ratio	0×	1.99×	0.6×	11.62×	9.09×	7.49×	6.18×	8.89×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	18.61×	390.15×	634.41×	983.09×	923.42×	1,094.7×	1,155.18×	2,080.79×
Dividend yield	1.5%	1.3%	0.8%	0.4%	0.0%	0.0%	1.6%	1.6%
Payout ratio	21.0%	33.1%	29.2%	6.2%	2.9%	0.0%	20.8%	82.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.7%	2.3%	2.5%	2.7%	0.5%	4.3%	5.1%	1.6%
Return on invested capital	1.2%	36.9%	46.9%	259.5%	268.3%	199.3%	229.8%	29.2%
Return on assets	1.3%	0.9%	1.0%	1.1%	0.2%	1.8%	1.9%	0.8%
Free cash flow yield	4.3%	-13.5%	-12.0%	-37.1%	-22.7%	2.7%	-5.8%	-4.7%
Earnings yield	7.3%	4.0%	2.8%	6.5%	1.1%	6.4%	7.8%	1.9%
Enterprise value	₹1.7B	₹83.3B	₹251.9B	₹36.3B	₹57.7B	₹136.5B	₹72.4B	₹214.2B
Net debt / EBITDA	-13.33×	-15.09×	-9.35×	-9.04×	-42.78×	-5.39×	-6.35×	-12.48×
Cash conversion cycle (days)	0	-44	-48	-53	-84	-106	-192	-148