Niraj Cement Structurals Limited (NIRAJ.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

+21.2%

₹29.68

vs ₹24.48 price

Levered DCF

-₹251.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.34

Grey 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	5.86×	15.49×	16.01×	23.98×	48.85×	125×	45.6×	55.51×
P/B	0.47×	1.13×	0.96×	0.59×	0.67×	0.94×	0.41×	0.44×
P/S	0.23×	0.54×	0.31×	0.17×	0.34×	0.95×	0.6×	0.63×
EV / EBITDA	4.79×	10.38×	8.32×	14.4×	24.68×	52.73×	22.53×	30.93×
Gross margin	5.4%	6.8%	5.9%	3.1%	2.6%	2.6%	2.4%	3.2%
Operating margin	3.1%	2.8%	3.1%	0.5%	-0.2%	-0.8%	2.7%	0.1%
Net margin	3.9%	3.0%	2.1%	0.7%	0.7%	0.8%	1.3%	1.1%
Current ratio	2.02×	2.22×	2.77×	1.9×	2.04×	2.42×	4.6×	3.51×
Debt / equity	0.27×	0.01×	0×	0.15×	0.08×	0.17×	0.11×	0.13×
Interest coverage	5.62×	174.9×	53.83×	6.81×	-5.46×	-6.83×	15.66×	0.36×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.0%	6.2%	6.4%	2.5%	1.4%	0.7%	0.9%	0.8%
Return on invested capital	3.7%	4.3%	5.9%	1.0%	-0.3%	-0.5%	1.4%	0.1%
Return on assets	4.5%	3.9%	4.3%	1.4%	0.8%	0.5%	0.7%	0.6%
Free cash flow yield	-73.9%	-27.9%	15.7%	-28.7%	32.2%	-3.2%	-25.3%	13.1%
Earnings yield	17.1%	5.5%	6.6%	4.2%	2.0%	0.8%	2.2%	1.8%
Enterprise value	₹1.6B	₹2.4B	₹1.2B	₹1.2B	₹1.2B	₹1.9B	₹806.4M	₹883.6M
Net debt / EBITDA	1.15×	-1.73×	-1.49×	2.41×	-0.43×	6.98×	2.57×	6.82×
Cash conversion cycle (days)	36	28	20	41	55	139	131	240