Nirlon Limited (NIRLON.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

+60.8%

₹1,024.88

vs ₹637.40 price

Levered DCF

₹991.43

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	13.06×	22.06×	18.8×	21.23×	33.36×	19.32×	19.72×	29×
P/B	9.64×	13.49×	10.36×	8.34×	7.74×	4.29×	4.76×	5.24×
P/S	6.75×	7.57×	6.41×	5.91×	9.73×	7.86×	6.96×	6.19×
EV / EBITDA	9.08×	11.33×	10.74×	9.72×	15.92×	14.35×	13.53×	11.86×
Gross margin	81.6%	90.8%	77.8%	89.6%	89.3%	87.5%	67.6%	64.6%
Operating margin	80.0%	70.2%	70.5%	62.7%	58.8%	60.4%	61.8%	58.8%
Net margin	51.7%	34.3%	34.1%	27.8%	29.2%	40.6%	35.3%	21.3%
Current ratio	1.77×	0.82×	0.4×	0.2×	0.39×	0.17×	0.31×	0.25×
Debt / equity	2.45×	3.21×	3.07×	2.85×	2.47×	1.7×	2.18×	2.42×
Interest coverage	4.96×	3.82×	3.44×	2.83×	6.46×	13.49×	5.97×	2.52×
Dividend yield	5.2%	4.9%	6.1%	7.0%	5.6%	0.3%	0.3%	0.4%
Payout ratio	67.7%	107.4%	114.0%	148.4%	187.1%	5.3%	6.2%	10.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	73.8%	61.1%	55.1%	39.3%	23.2%	22.2%	24.1%	18.1%
Return on invested capital	20.4%	14.5%	15.0%	12.5%	6.6%	7.7%	8.4%	8.3%
Return on assets	15.4%	9.7%	9.7%	7.5%	5.0%	6.7%	6.1%	4.4%
Free cash flow yield	7.9%	9.0%	9.6%	8.7%	4.8%	3.6%	-0.8%	-9.8%
Earnings yield	7.7%	4.5%	5.3%	4.7%	3.0%	5.2%	5.1%	3.4%
Enterprise value	₹53.7B	₹58B	₹49.6B	₹44.8B	₹47.8B	₹34.4B	₹31.4B	₹27B
Net debt / EBITDA	1.44×	1.92×	2.36×	2.45×	3.61×	4.08×	4.22×	3.73×
Cash conversion cycle (days)	-47	-127	-33	-99	-224	-40	-25	-22