N R Agarwal Industries Limited (NRAIL.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

-731.7%

-₹4,589.58

vs ₹726.50 price

Levered DCF

-₹5,663.78

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	15.73×	22.18×	6.49×	3.49×	7.43×	7.03×	2.16×	5.81×
P/B	0.84×	0.51×	1.07×	0.55×	0.85×	0.84×	0.6×	1.76×
P/S	0.32×	0.24×	0.63×	0.2×	0.28×	0.36×	0.18×	0.42×
EV / EBITDA	7.81×	7.25×	7.6×	2.6×	4.2×	4.37×	2.15×	4.48×
Gross margin	13.0%	12.2%	28.7%	34.0%	10.9%	13.8%	20.2%	18.5%
Operating margin	4.9%	2.7%	22.5%	7.7%	6.3%	36.2%	13.2%	12.1%
Net margin	2.0%	1.1%	9.7%	5.7%	3.8%	5.1%	8.4%	7.2%
Current ratio	1.15×	1.33×	1.61×	2.23×	1.42×	1.03×	1.32×	1.1×
Debt / equity	1.01×	0.83×	0.76×	0.26×	0.33×	0.41×	0.55×	0.95×
Interest coverage	1.65×	0.75×	27.61×	9.78×	4.01×	13.52×	5.15×	4.58×
Dividend yield	0.5%	0.9%	0.0%	0.0%	0.4%	0.0%	2.7%	0.2%
Payout ratio	7.8%	19.3%	0.0%	0.0%	2.8%	0.0%	5.8%	1.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.4%	2.3%	16.5%	15.6%	11.4%	12.0%	27.9%	30.3%
Return on invested capital	4.4%	3.0%	18.3%	10.1%	8.3%	40.0%	18.1%	16.1%
Return on assets	2.2%	1.0%	8.0%	9.5%	6.1%	6.1%	13.5%	11.8%
Free cash flow yield	-37.4%	-0.4%	-49.0%	-18.8%	11.8%	16.3%	53.9%	4.4%
Earnings yield	6.4%	4.5%	15.4%	28.6%	13.5%	14.2%	46.2%	17.2%
Enterprise value	₹15B	₹10.3B	₹13.9B	₹5B	₹6.3B	₹6B	₹4.8B	₹8.5B
Net debt / EBITDA	4.24×	4.51×	3.16×	0.8×	1.17×	1.43×	1.02×	1.57×
Cash conversion cycle (days)	44	25	67	40	40	43	38	47