Nikhil Adhesives Limited (NIKHILAD.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

+11.0%

₹72.96

vs ₹65.70 price

Levered DCF

-₹22.50

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	16.49×	24.89×	43.42×	26.24×	12.64×	11.07×	6.38×	11.05×
P/B	1.97×	3.19×	5.05×	4.4×	3.74×	2.85×	0.98×	1.46×
P/S	0.52×	0.71×	1.02×	0.6×	0.4×	0.36×	0.11×	0.13×
EV / EBITDA	9.36×	12.64×	20.74×	13.65×	8.48×	7.27×	5.17×	6.72×
Gross margin	19.0%	21.2%	9.5%	8.5%	11.2%	14.4%	9.8%	11.9%
Operating margin	5.1%	17.1%	4.3%	4.5%	4.9%	5.5%	4.4%	3.4%
Net margin	3.1%	2.9%	2.3%	2.3%	3.2%	3.2%	1.7%	1.2%
Current ratio	1.42×	1.44×	1.37×	1.26×	1.21×	1.15×	1.12×	1.15×
Debt / equity	0.46×	0.45×	0.47×	0.34×	0.33×	0.46×	0.77×	0.86×
Interest coverage	4.41×	12.31×	3.47×	5.25×	6.64×	3.99×	2.37×	1.89×
Dividend yield	0.4%	0.2%	0.2%	0.2%	0.2%	0.3%	1.2%	1.0%
Payout ratio	5.8%	5.5%	6.9%	5.4%	2.7%	2.9%	7.9%	10.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.9%	13.0%	11.6%	16.8%	29.6%	25.7%	15.4%	13.2%
Return on invested capital	9.3%	37.7%	10.1%	16.7%	24.4%	20.8%	16.8%	13.8%
Return on assets	5.2%	5.2%	4.5%	5.8%	8.0%	5.4%	3.7%	2.8%
Free cash flow yield	-3.5%	-1.0%	-0.5%	0.3%	3.0%	9.0%	16.4%	10.4%
Earnings yield	6.1%	4.1%	2.3%	3.8%	7.9%	9.0%	15.7%	9.0%
Enterprise value	₹3.5B	₹4.7B	₹6.2B	₹4.8B	₹3.4B	₹2B	₹795.5M	₹909.3M
Net debt / EBITDA	1.72×	1.46×	1.44×	0.89×	0.57×	0.96×	2.26×	2.44×
Cash conversion cycle (days)	95	71	52	33	23	37	31	25