Rajnandini Metal Limited (RAJMET.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

-21.9%

₹2.30

vs ₹2.95 price

Levered DCF

₹0.91

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	-256.64×	-58.74×	19.64×	22.86×	63.62×	21.85×	1.39×	15.46×
P/B	1.45×	2.26×	5.27×	7.47×	21.4×	5.56×	1.11×	1.21×
P/S	0.31×	0.12×	0.25×	0.3×	0.62×	0.17×	0.11×	0.12×
EV / EBITDA	30.99×	14.69×	13.31×	12.89×	35.54×	13.11×	14.19×	11.83×
Gross margin	3.4%	2.7%	4.6%	4.8%	3.8%	2.9%	4.9%	4.2%
Operating margin	0.7%	0.2%	4.0%	1.8%	1.8%	1.6%	2.5%	2.4%
Net margin	-0.1%	-0.2%	1.3%	1.3%	1.0%	0.8%	0.8%	0.8%
Current ratio	1.8×	1.38×	1.29×	1.2×	1.27×	1.24×	1.15×	1.31×
Debt / equity	0.24×	0.79×	1.77×	1.74×	1.74×	2.18×	2.76×	1.9×
Interest coverage	0.6×	0.16×	4.27×	2.52×	4.55×	2.69×	1.48×	1.79×
Dividend yield	0.0%	0.0%	0.0%	0.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	13.5%	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	-0.6%	-3.8%	26.9%	33.0%	33.9%	25.8%	8.0%	7.8%
Return on invested capital	-8.5%	1.7%	26.8%	10.3%	15.5%	11.2%	4.8%	5.7%
Return on assets	-0.3%	-1.5%	9.3%	9.8%	9.3%	5.6%	1.8%	2.6%
Free cash flow yield	23.9%	42.6%	-7.1%	-4.4%	-1.0%	0.3%	-37.4%	-35.6%
Earnings yield	-0.4%	-1.7%	5.1%	4.4%	1.6%	4.6%	7.2%	6.5%
Enterprise value	₹945.3M	₹1.7B	₹4B	₹3.8B	₹6.8B	₹1.5B	₹560.8M	₹413.5M
Net debt / EBITDA	4.13×	3.76×	3.35×	2.42×	2.66×	3.68×	10.1×	7.21×
Cash conversion cycle (days)	60	22	36	26	19	20	69	72