NIIT Limited (NIITLTD.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

-18.7%

₹56.20

vs ₹69.11 price

Levered DCF

₹361.70

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.34

Safe zone

Rating

Overall 3 / 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	129.18×	36.43×	38.75×	309.08×	8.4×	3.11×	0.23×	3.92×
P/B	0.64×	1.53×	1.44×	1×	1.25×	0.27×	0.2×	0.41×
P/S	1.75×	4.62×	4.91×	2.92×	7.58×	0.46×	0.34×	0.37×
EV / EBITDA	15.48×	495.03×	22.11×	28.43×	19.65×	1.31×	0.25×	2.38×
Gross margin	13.0%	57.3%	18.5%	21.1%	49.6%	31.0%	27.3%	34.3%
Operating margin	-10.8%	20.2%	-5.2%	-5.7%	-5.0%	23.6%	0.7%	5.3%
Net margin	1.4%	12.9%	12.6%	0.9%	90.3%	14.9%	149.3%	9.5%
Current ratio	5.71×	7.83×	7.16×	6.24×	2.94×	3.7×	3.8×	2.72×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.02×	0.04×	0.11×	0.22×
Interest coverage	-40.3×	77.75×	-9.26×	-13.84×	-9.27×	26×	0.29×	2.14×
Dividend yield	2.0%	0.6%	0.5%	0.0%	3.9%	6.3%	79.3%	0.0%
Payout ratio	257.6%	22.0%	17.6%	0.0%	32.5%	19.5%	17.9%	0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.5%	4.3%	3.7%	0.3%	14.9%	8.7%	87.3%	10.4%
Return on invested capital	-1.9%	5.5%	-1.3%	-1.3%	-0.8%	10.8%	0.3%	3.4%
Return on assets	0.4%	3.8%	3.3%	0.3%	10.7%	6.6%	65.7%	5.8%
Free cash flow yield	-2.8%	-0.6%	-1.6%	-1.8%	13.8%	46.2%	-5.8%	-8.6%
Earnings yield	0.8%	2.8%	2.6%	0.3%	11.9%	32.2%	443.6%	25.5%
Enterprise value	₹6.5B	₹16B	₹14.6B	₹9.6B	₹16.2B	₹3.3B	₹3.8B	₹4.3B
Net debt / EBITDA	-0.68×	-15.53×	-0.46×	-1.06×	-3.42×	-0.46×	0.05×	0.48×
Cash conversion cycle (days)	-7	-60	39	12	508	87	75	61