Nilkamal Limited (NILKAMAL.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

-125.5%

-₹489.13

vs ₹1,920.10 price

Levered DCF

₹471.87

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

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	13.77×	22.21×	21.06×	19.56×	36.31×	25.78×	10.48×	18.22×
P/B	1.01×	1.59×	1.83×	1.99×	2.52×	2.55×	1.44×	2.27×
P/S	0.42×	0.71×	0.81×	0.84×	1.11×	1.4×	0.66×	0.91×
EV / EBITDA	5.88×	9.76×	9.3×	9.15×	14.08×	11.44×	5.68×	9.54×
Gross margin	31.4%	43.2%	19.5%	39.8%	17.5%	20.4%	42.5%	39.1%
Operating margin	4.9%	34.7%	5.7%	6.5%	4.9%	7.6%	8.3%	6.9%
Net margin	3.1%	3.2%	3.8%	4.3%	3.1%	5.4%	6.3%	5.0%
Current ratio	2.33×	2.29×	2.79×	3.2×	2.85×	3.15×	3.23×	3.61×
Debt / equity	0.27×	0.36×	0.29×	0.27×	0.29×	0.2×	0.22×	0.06×
Interest coverage	4.24×	28.23×	4.51×	5.09×	4.29×	6.06×	6.49×	8.85×
Dividend yield	1.9%	1.3%	1.2%	0.9%	0.5%	0.3%	2.9%	1.1%
Payout ratio	25.8%	28.0%	24.4%	16.7%	17.9%	6.6%	30.0%	19.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.3%	7.2%	8.7%	10.2%	6.9%	9.9%	13.8%	12.5%
Return on invested capital	7.0%	41.3%	7.2%	8.7%	6.1%	8.2%	11.0%	10.5%
Return on assets	4.6%	4.2%	5.5%	6.5%	4.3%	6.6%	9.2%	9.1%
Free cash flow yield	9.4%	-1.0%	3.7%	-0.2%	-3.1%	4.3%	10.2%	2.8%
Earnings yield	7.3%	4.5%	4.7%	5.1%	2.8%	3.9%	9.5%	5.5%
Enterprise value	₹19.3B	₹27.5B	₹29B	₹29.5B	₹33.2B	₹31.1B	₹16.9B	₹21.8B
Net debt / EBITDA	1.04×	1.39×	1.04×	1.03×	1.24×	0.73×	0.69×	0.2×
Cash conversion cycle (days)	98	127	109	135	115	150	124	115