NLC India Limited (NLCINDIA.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

-262.5%

-₹383.58

vs ₹236.10 price

Levered DCF

₹634.87

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	10.57×	12.89×	17.31×	7.66×	7.94×	5.45×	4.23×	6.79×
P/B	1.77×	1.8×	1.94×	0.71×	0.61×	0.52×	0.47×	0.8×
P/S	2.13×	2.21×	2.47×	0.66×	0.73×	0.71×	0.59×	1.04×
EV / EBITDA	8.6×	10.75×	14.58×	5.08×	6.4×	7.34×	7.16×	10.02×
Gross margin	52.6%	86.3%	88.3%	85.2%	86.1%	84.5%	84.3%	79.8%
Operating margin	18.4%	66.2%	67.5%	69.2%	63.6%	56.3%	56.3%	49.0%
Net margin	20.1%	17.2%	14.3%	8.6%	9.1%	13.0%	14.0%	15.3%
Current ratio	0.8×	0.75×	1.16×	1.38×	1.22×	1.04×	1×	0.96×
Debt / equity	1.32×	1.2×	1.36×	1.47×	1.56×	2.02×	2.11×	1.61×
Interest coverage	2.63×	11.79×	10.34×	11.15×	7.72×	4.23×	4.95×	6.91×
Dividend yield	2.0%	1.3%	1.6%	4.0%	5.3%	2.1%	19.4%	7.9%
Payout ratio	20.9%	16.8%	26.9%	30.7%	41.8%	11.4%	82.1%	53.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.7%	14.0%	11.2%	9.2%	7.7%	9.5%	11.2%	11.8%
Return on invested capital	5.3%	14.5%	11.4%	15.7%	7.0%	6.5%	7.4%	7.2%
Return on assets	5.4%	4.5%	3.4%	2.6%	2.2%	2.4%	2.7%	3.3%
Free cash flow yield	-12.5%	4.8%	7.4%	10.8%	79.0%	29.6%	-69.8%	-45.4%
Earnings yield	9.5%	7.8%	5.8%	13.0%	12.6%	18.3%	23.7%	14.7%
Enterprise value	₹643B	₹560.2B	₹539.4B	₹329.5B	₹306.2B	₹340.7B	₹333B	₹308.3B
Net debt / EBITDA	3.62×	4.27×	5.9×	3.43×	4.59×	5.83×	5.85×	6.69×
Cash conversion cycle (days)	111	78	137	202	83	257	-22	-34