RKEC Projects Limited (RKEC.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

-1068.5%

-₹207.65

vs ₹21.44 price

Levered DCF

-₹266.96

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

0.1

Distress zone

Rating

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	-1.92×	7.98×	12.72×	9.56×	16.28×	11.32×	2.89×	6.36×
P/B	0.4×	0.85×	1.51×	0.8×	0.85×	1.11×	0.72×	1.51×
P/S	0.37×	0.38×	0.72×	0.43×	0.55×	0.7×	0.27×	0.63×
EV / EBITDA	-13.11×	5.29×	7.68×	4.39×	7.85×	8.76×	2.76×	4.71×
Gross margin	-3.3%	15.4%	30.0%	27.8%	31.3%	27.5%	31.5%	29.2%
Operating margin	-15.7%	10.1%	20.5%	10.4%	17.5%	16.5%	20.3%	18.4%
Net margin	-19.3%	4.7%	5.7%	4.5%	3.4%	6.1%	9.4%	10.0%
Current ratio	1.25×	1.3×	1.51×	1.52×	1.74×	1.33×	1.3×	1.4×
Debt / equity	1.4×	1.04×	0.89×	0.78×	1.03×	0.85×	0.61×	0.53×
Interest coverage	-1.13×	2.19×	4.97×	1.45×	2.39×	2.26×	4.78×	5.85×
Dividend yield	0.0%	0.0%	0.0%	0.0%	2.5%	0.0%	7.0%	2.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	40.4%	0.0%	20.2%	12.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-20.6%	10.6%	11.8%	8.4%	5.2%	9.9%	25.1%	23.8%
Return on invested capital	-5.1%	7.3%	16.0%	4.9%	9.3%	10.4%	28.4%	25.6%
Return on assets	-6.3%	3.5%	4.3%	2.8%	1.9%	3.4%	8.7%	8.6%
Free cash flow yield	-81.5%	-44.3%	-0.8%	-9.0%	9.0%	-43.7%	11.7%	-8.2%
Earnings yield	-52.0%	12.5%	7.9%	10.5%	6.1%	8.8%	34.6%	15.7%
Enterprise value	₹2.5B	₹3.1B	₹3.9B	₹2.3B	₹2.3B	₹2.5B	₹1.5B	₹1.9B
Net debt / EBITDA	-9.64×	2.54×	2.69×	2.11×	3.91×	3.78×	1.22×	1.2×
Cash conversion cycle (days)	563	238	289	298	321	331	92	107