Northlink Fiscal and Capital Services Limited (NORTHLINK.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

-142.8%

-₹10.02

vs ₹23.40 price

Levered DCF

-₹36.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	62.04×	-18.74×	-53.19×	113.64×	547.11×	66.47×	76.05×	-426.67×
P/B	1.43×	2.91×	1.39×	1.09×	1.58×	1.99×	2.62×	2.94×
P/S	12.53×	1,406.79×	16.36×	13.25×	19.04×	7.6×	1.38×	1.9×
EV / EBITDA	81.93×	-25.77×	112.48×	64.38×	80.49×	47.56×	43.92×	62.1×
Gross margin	46.0%	100.0%	59.5%	99.6%	100.0%	100.0%	5.8%	100.0%
Operating margin	-7.7%	-4098.5%	-5.1%	8.1%	65.9%	10.8%	96.9%	2.9%
Net margin	19.9%	-7504.9%	-30.6%	11.8%	3.5%	11.4%	1.8%	-0.4%
Current ratio	434.77×	10.93×	22.04×	25.13×	26.04×	14.8×	5.2×	0.52×
Debt / equity	0.24×	0.17×	0.2×	0.02×	0.02×	0.04×	0.04×	0.11×
Interest coverage	0×	0×	-0.37×	11.81×	16.11×	6.39×	211.94×	5.34×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.3%	-15.5%	-2.6%	1.0%	0.3%	3.0%	3.4%	-0.7%
Return on invested capital	-0.6%	-7.1%	-0.4%	0.6%	2.7%	2.7%	170.7%	-1.7%
Return on assets	1.7%	-12.2%	-2.1%	0.9%	0.3%	2.7%	2.7%	-0.5%
Free cash flow yield	5.7%	-5.7%	-17.3%	-4.9%	-6.1%	4.1%	-0.0%	-3.4%
Earnings yield	1.6%	-5.3%	-1.9%	0.9%	0.2%	1.5%	1.3%	-0.2%
Enterprise value	₹76.2M	₹150.9M	₹90.9M	₹59.2M	₹87.6M	₹116.7M	₹148.6M	₹169M
Net debt / EBITDA	2.55×	-0.73×	11.97×	-7.04×	-6.36×	-0.79×	-0.91×	0.35×
Cash conversion cycle (days)	-13	0	3,322	3,165	2,900	1,058	-203	131