Nitiraj Engineers Limited (NITIRAJ.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

-179.4%

-₹154.05

vs ₹193.99 price

Levered DCF

-₹26.54

After debt service

Piotroski score

2 / 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	195.07×	57.51×	15.03×	-196.81×	-21.19×	13.87×	23.6×	6.27×
P/B	2.51×	3.36×	2.27×	1.07×	1.1×	0.67×	0.82×	0.56×
P/S	4.46×	3.63×	1.8×	1.58×	1.89×	0.92×	1.19×	0.7×
EV / EBITDA	40.46×	26.6×	9.23×	21.2×	-94.86×	5.88×	15.52×	3.69×
Gross margin	35.0%	38.3%	42.0%	18.2%	14.3%	22.0%	36.0%	41.9%
Operating margin	-0.0%	7.7%	15.0%	-0.3%	-3.2%	9.7%	4.7%	14.3%
Net margin	2.3%	6.3%	12.0%	-0.8%	-8.9%	6.6%	5.0%	11.2%
Current ratio	6.59×	6.26×	5.54×	3.16×	3.7×	5.28×	3.36×	6.06×
Debt / equity	0×	0×	0×	0.05×	0.06×	0.01×	0.08×	0×
Interest coverage	-0.13×	29.52×	175.4×	-0.37×	-2.54×	18.33×	5.7×	69.75×
Dividend yield	0.7%	0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	145.0%	31.8%	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	1.3%	5.8%	15.1%	-0.5%	-5.2%	4.9%	3.5%	9.0%
Return on invested capital	-0.0%	5.1%	13.8%	-0.2%	-1.3%	5.2%	2.1%	8.2%
Return on assets	1.1%	5.2%	13.3%	-0.5%	-4.6%	4.5%	3.1%	8.3%
Free cash flow yield	-4.3%	2.8%	8.5%	-0.2%	-5.2%	5.3%	-3.8%	0.4%
Earnings yield	0.5%	1.7%	6.7%	-0.5%	-4.7%	7.2%	4.2%	15.9%
Enterprise value	₹2B	₹2.7B	₹1.8B	₹755.3M	₹784.4M	₹481.2M	₹569.7M	₹361.3M
Net debt / EBITDA	-0.76×	-0.28×	-0.1×	0.81×	-4.48×	-0.11×	0.04×	-0.16×
Cash conversion cycle (days)	284	144	143	253	241	161	218	261