Ntc Industries Limited (NTCIND.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

-2178.0%

-₹2,595.38

vs ₹124.90 price

Levered DCF

₹294.08

After debt service

Piotroski score

5 / 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	10.9×	22.55×	26.83×	13.63×	12.22×	7.49×	5.12×	5.37×
P/B	1.02×	1.27×	1.32×	0.97×	1.33×	0.85×	0.4×	0.86×
P/S	1.89×	4.44×	3.22×	1.75×	3.53×	2.1×	1.06×	2.13×
EV / EBITDA	8.56×	15.77×	19.6×	8.09×	8.24×	3.95×	3.28×	3.94×
Gross margin	30.0%	41.4%	49.0%	27.1%	57.2%	65.9%	67.6%	35.7%
Operating margin	17.6%	20.9%	15.4%	12.9%	19.6%	29.7%	-3.0%	14.2%
Net margin	17.4%	18.9%	12.0%	12.8%	28.9%	28.0%	20.8%	39.7%
Current ratio	3.33×	2.85×	0.31×	3.63×	3.81×	2.35×	2.39×	2.72×
Debt / equity	0.37×	0.37×	0.45×	0.07×	0.07×	0.06×	0.12×	0.22×
Interest coverage	3.06×	2.12×	14.32×	13.89×	21.43×	11.68×	-0.48×	1.72×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.3%	5.4%	4.9%	7.1%	10.9%	11.3%	7.8%	16.0%
Return on invested capital	5.1%	3.3%	3.2%	4.6%	5.2%	7.3%	-0.7%	3.5%
Return on assets	6.1%	3.5%	3.0%	5.6%	8.6%	7.8%	5.2%	10.4%
Free cash flow yield	8.3%	-0.8%	-5.4%	-1.8%	2.2%	-2.4%	5.7%	-9.6%
Earnings yield	9.2%	4.3%	3.7%	7.3%	8.2%	13.4%	19.5%	18.6%
Enterprise value	₹2.9B	₹3.4B	₹1.8B	₹901.5M	₹1.1B	₹580.1M	₹288.8M	₹579.3M
Net debt / EBITDA	2.21×	3.52×	4.96×	0.35×	0.32×	-0.15×	0.72×	0.79×
Cash conversion cycle (days)	265	427	149	444	736	558	597	567