NIIT Learning Systems Limited (NIITMTS.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

+449.6%

₹914.68

vs ₹166.42 price

Levered DCF

₹878.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.38

Grey 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	14.49×	24.16×	32.41×	26.82×	21.91×	-222.67×	-99.22×	-435.23×
P/B	2.33×	4.71×	7.07×	6.69×	8.12×	1,293.19×	-95.01×	-1,786.24×
P/S	1.84×	3.45×	4.45×	3.79×	3.91×	275.07×	107.68×	75.19×
EV / EBITDA	8.17×	13.65×	18.38×	17.77×	13.58×	114.63×	-182.82×	-691.25×
Gross margin	25.3%	27.8%	55.0%	26.9%	29.6%	-26.0%	-5.3%	21.8%
Operating margin	14.9%	18.7%	19.9%	18.9%	22.4%	-45.8%	-16.3%	11.4%
Net margin	12.7%	13.8%	13.7%	14.1%	17.8%	-123.8%	-108.5%	-17.3%
Current ratio	1.73×	1.88×	1.66×	1.69×	2×	1.04×	0.68×	1.33×
Debt / equity	0.21×	0.08×	0.14×	0.17×	0.02×	0.01×	-1.08×	-16.91×
Interest coverage	12.75×	14.88×	27.16×	34.61×	68.86×	-1.62×	0×	2×
Dividend yield	1.1%	0.7%	0.5%	0.0%	1.7%	0.0%	0.0%	0.0%
Payout ratio	16.6%	16.4%	15.7%	0.0%	36.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.1%	18.8%	21.8%	25.0%	37.1%	-582.0%	95.8%	410.4%
Return on invested capital	10.5%	16.1%	17.6%	19.6%	35.1%	-214.1%	-178.0%	16.9%
Return on assets	8.1%	10.4%	10.5%	11.3%	21.3%	-89.6%	-88.3%	-12.1%
Free cash flow yield	6.9%	3.5%	3.3%	2.2%	5.8%	-0.3%	-0.1%	-0.1%
Earnings yield	6.9%	4.0%	3.1%	3.7%	4.6%	-0.5%	-1.0%	-0.2%
Enterprise value	₹35.1B	₹54.6B	₹67.6B	₹50.3B	₹41.8B	₹35.8B	₹26.7B	₹26.6B
Net debt / EBITDA	-0.18×	-0.6×	-0.41×	-0.45×	-0.78×	-0.05×	-1.92×	-5.96×
Cash conversion cycle (days)	38	25	102	92	46	-34	1	72