NOCIL Limited (NOCIL.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

+27.1%

₹175.16

vs ₹137.77 price

Levered DCF

₹117.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

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	46.13×	28.76×	32.43×	23.09×	23.53×	32.79×	8.34×	13.18×
P/B	1.45×	1.68×	2.54×	2.22×	2.87×	2.26×	0.92×	2.1×
P/S	1.97×	2.13×	3×	2.13×	2.65×	3.17×	1.3×	2.36×
EV / EBITDA	25.2×	21.43×	18.11×	13.26×	14.3×	19.78×	5.85×	7.94×
Gross margin	29.8%	42.7%	40.9%	45.1%	45.0%	44.7%	53.7%	54.7%
Operating margin	3.5%	35.9%	9.9%	12.4%	15.3%	10.3%	17.3%	26.5%
Net margin	4.3%	7.4%	9.3%	9.2%	11.3%	9.7%	15.6%	17.9%
Current ratio	4.31×	5.82×	5.89×	5.15×	3.25×	2.96×	3.03×	3.77×
Debt / equity	0×	0.01×	0.01×	0.01×	0×	0×	0.01×	0×
Interest coverage	33.04×	279.31×	87.81×	166.54×	219.63×	97.1×	109.51×	433.14×
Dividend yield	1.3%	1.7%	1.2%	1.5%	0.8%	0.0%	9.0%	2.0%
Payout ratio	60.9%	48.8%	37.6%	33.5%	18.8%	0.8%	75.2%	26.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.1%	5.8%	7.8%	9.6%	12.2%	6.9%	11.0%	15.9%
Return on invested capital	1.8%	23.7%	5.7%	8.7%	11.1%	5.5%	9.5%	14.1%
Return on assets	2.6%	5.0%	6.6%	8.0%	9.6%	5.5%	9.1%	12.8%
Free cash flow yield	3.5%	-3.3%	3.9%	7.3%	-1.6%	2.3%	-0.0%	-3.0%
Earnings yield	2.2%	3.5%	3.1%	4.3%	4.3%	3.1%	12.0%	7.6%
Enterprise value	₹25.4B	₹29.4B	₹42.3B	₹34.3B	₹41.4B	₹28.6B	₹10.9B	₹24B
Net debt / EBITDA	-0.27×	-0.17×	-0.34×	-0.05×	-0.02×	-0.27×	-0×	-0.12×
Cash conversion cycle (days)	83	169	134	145	193	124	135	141