Rashtriya Chemicals and Fertilizers Limited (RCF.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

-2260.8%

-₹2,108.52

vs ₹97.58 price

Levered DCF

-₹1,456.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

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	14.94×	28.98×	33.7×	5.44×	7.03×	11.13×	7.56×	24.48×
P/B	1.25×	1.48×	1.65×	1.15×	1.27×	1.27×	0.49×	1.07×
P/S	0.35×	0.41×	0.45×	0.67×	0.93×	0.52×	0.16×	0.37×
EV / EBITDA	8.69×	10.41×	15.06×	4.3×	5.48×	5.55×	10.99×	12.58×
Gross margin	38.0%	39.3%	-21.8%	-142.5%	118.2%	0.5%	51.8%	54.2%
Operating margin	3.5%	2.4%	1.8%	-154.5%	15.5%	46.1%	4.3%	3.5%
Net margin	2.3%	1.4%	1.3%	12.3%	13.2%	4.6%	2.1%	1.5%
Current ratio	1.17×	1.25×	1.33×	1.58×	1.34×	1.65×	1.24×	1.34×
Debt / equity	0.81×	0.58×	0.72×	0.41×	0.77×	0.62×	1.52×	1.14×
Interest coverage	2.21×	1.62×	1.69×	-66.03×	7.1×	22.27×	2×	2.16×
Dividend yield	2.0%	1.0%	2.7%	4.3%	3.5%	5.2%	3.3%	1.2%
Payout ratio	30.0%	28.2%	90.5%	23.4%	24.5%	58.0%	24.7%	29.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.3%	5.1%	4.9%	21.1%	18.1%	11.5%	6.5%	4.4%
Return on invested capital	4.6%	3.8%	2.7%	-132.8%	8.4%	45.2%	4.8%	2.5%
Return on assets	2.6%	2.2%	2.0%	10.0%	6.7%	5.0%	2.0%	1.5%
Free cash flow yield	-24.2%	21.9%	-11.9%	7.6%	-15.4%	116.2%	-60.6%	-59.6%
Earnings yield	6.7%	3.5%	3.0%	18.4%	14.2%	9.0%	13.2%	4.1%
Enterprise value	₹103.9B	₹88B	₹107.3B	₹71.3B	₹68.1B	₹48.8B	₹63.9B	₹67.1B
Net debt / EBITDA	3.35×	2.1×	4.41×	1.13×	1.51×	0.69×	8.3×	6.48×
Cash conversion cycle (days)	94	44	100	132	207	53	59	221