Punjab Chemicals & Crop Protection Limited (PUNJABCHEM.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

-5.9%

₹851.62

vs ₹905.10 price

Levered DCF

₹1.75

After debt service

Piotroski score

6 / 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	17.11×	31.8×	22.43×	16.61×	21.44×	21.86×	35.54×	53.27×
P/B	2.58×	3.39×	3.64×	3.62×	7.93×	7.43×	3.91×	9.85×
P/S	1.06×	1.37×	1.31×	1.03×	1.95×	1.61×	0.71×	1.44×
EV / EBITDA	9.56×	13.99×	11.92×	8.74×	13.56×	11.81×	8.6×	15.23×
Gross margin	27.2%	40.3%	37.5%	16.0%	37.6%	38.9%	39.5%	35.1%
Operating margin	8.7%	29.7%	8.6%	9.1%	12.2%	10.9%	6.0%	8.5%
Net margin	6.2%	4.3%	5.8%	6.2%	9.1%	7.4%	2.0%	2.7%
Current ratio	1.52×	1.51×	1.59×	1.48×	1.29×	1.09×	0.86×	0.7×
Debt / equity	0.36×	0.46×	0.37×	0.33×	0.41×	0.61×	1.01×	1.01×
Interest coverage	5.32×	15.01×	3.8×	4.98×	9.04×	5.39×	1.8×	3.05×
Dividend yield	0.3%	0.3%	0.3%	0.4%	0.1%	0.2%	0.6%	0.0%
Payout ratio	5.7%	9.4%	6.8%	6.0%	2.9%	3.7%	20.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.1%	10.7%	16.2%	21.8%	37.0%	34.0%	11.0%	18.5%
Return on invested capital	11.4%	35.1%	12.3%	15.4%	24.4%	20.2%	7.0%	15.1%
Return on assets	7.8%	4.9%	8.4%	9.9%	15.0%	10.9%	2.7%	4.5%
Free cash flow yield	2.3%	-0.7%	-0.3%	2.1%	0.1%	1.3%	2.1%	4.6%
Earnings yield	5.8%	3.1%	4.5%	6.0%	4.7%	4.6%	2.8%	1.9%
Enterprise value	₹12.4B	₹13.9B	₹13.2B	₹11B	₹18.7B	₹11.5B	₹4.8B	₹9.8B
Net debt / EBITDA	1.12×	1.51×	1.05×	0.68×	0.61×	0.78×	1.73×	1.38×
Cash conversion cycle (days)	120	110	96	78	75	52	55	15