Northern Spirits Limited (NSL.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

-13285.0%

-₹13,989.26

vs ₹106.10 price

Levered DCF

-₹3,891.19

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 3 / 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	5.74×	10.97×	17.35×	30.53×	9.36×	12.41×	9.69×	6.86×
P/B	1.05×	2.06×	2.87×	4.08×	0.78×	0.56×	0.55×	1.67×
P/S	0.07×	0.13×	0.23×	0.38×	0.21×	0.24×	0.25×	0.69×
EV / EBITDA	5.98×	8.93×	13.42×	18.98×	9.64×	11.54×	9.03×	5.54×
Gross margin	11.1%	9.5%	9.0%	10.1%	18.0%	19.3%	8.3%	22.4%
Operating margin	2.1%	2.4%	2.5%	2.5%	4.8%	5.2%	5.8%	20.0%
Net margin	1.2%	1.2%	1.3%	1.2%	2.2%	1.9%	2.6%	10.1%
Current ratio	1.6×	1.67×	1.66×	1.88×	2.19×	2.24×	2.17×	1.56×
Debt / equity	1.4×	1.4×	1.38×	1.14×	0.94×	0.86×	0.68×	1.08×
Interest coverage	3.28×	2.85×	3.36×	2.89×	2.57×	1.95×	2.46×	4.25×
Dividend yield	0.3%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	1.8%	1.7%	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	18.2%	18.7%	16.6%	13.3%	8.3%	4.5%	5.7%	24.4%
Return on invested capital	10.3%	11.7%	9.6%	9.4%	6.9%	4.7%	5.5%	15.1%
Return on assets	7.1%	7.8%	6.8%	6.1%	4.2%	2.4%	3.3%	10.7%
Free cash flow yield	-5.2%	-3.2%	-13.5%	-6.6%	-0.3%	-27.2%	-44.5%	-88.4%
Earnings yield	17.4%	9.1%	5.8%	3.3%	10.7%	8.1%	10.3%	14.6%
Enterprise value	₹3.1B	₹4.2B	₹4.2B	₹4.4B	₹1.2B	₹939.6M	₹779M	₹1.1B
Net debt / EBITDA	2.97×	3.61×	4.34×	4.14×	5.27×	7.02×	4.97×	2.17×
Cash conversion cycle (days)	48	49	62	66	154	222	212	287