Narmada Gelatines Limited (SHAWGELTIN.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

+343.7%

₹1,895.17

vs ₹427.10 price

Levered DCF

₹1,937.04

After debt service

Piotroski score

3 / 9

Weak

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	6.57×	10.91×	14.12×	11.52×	10.15×	11.02×	5.48×	7.56×
P/B	1.43×	1.63×	1.99×	1.87×	0.86×	0.67×	0.52×	0.58×
P/S	0.96×	1.04×	1.19×	0.92×	0.8×	0.69×	0.53×	0.6×
EV / EBITDA	4.76×	7.97×	9.17×	7.77×	6.35×	6.56×	3.42×	5.23×
Gross margin	25.5%	19.1%	23.0%	40.3%	36.7%	32.8%	42.7%	41.0%
Operating margin	17.8%	11.8%	10.7%	9.4%	8.0%	4.8%	9.6%	6.4%
Net margin	14.6%	9.5%	8.5%	8.0%	7.8%	6.3%	9.6%	8.0%
Current ratio	3.59×	2.55×	4.65×	4.47×	4.98×	3.9×	3.86×	4.32×
Debt / equity	0.05×	0.11×	0×	0×	0×	0×	0×	0.02×
Interest coverage	37.68×	18.33×	74.91×	58.81×	196.26×	38.45×	26.8×	99.51×
Dividend yield	2.9%	3.1%	0.0%	37.8%	4.8%	6.5%	10.3%	3.8%
Payout ratio	19.2%	33.6%	0.0%	435.5%	49.1%	71.5%	56.6%	28.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.7%	15.0%	14.1%	16.3%	8.5%	6.1%	9.4%	7.7%
Return on invested capital	18.5%	12.4%	12.7%	14.2%	6.6%	3.3%	6.5%	4.4%
Return on assets	17.6%	11.3%	11.5%	13.2%	7.3%	5.1%	8.0%	6.5%
Free cash flow yield	7.0%	1.6%	5.9%	6.6%	1.4%	-0.4%	-0.3%	13.9%
Earnings yield	15.2%	9.2%	7.1%	8.7%	9.9%	9.1%	18.3%	13.2%
Enterprise value	₹2.1B	₹2.1B	₹2.1B	₹1.7B	₹1.1B	₹854.7M	₹674.1M	₹765.3M
Net debt / EBITDA	0.17×	0.48×	-0.29×	-0.22×	-0.78×	-0.59×	-0.16×	0.04×
Cash conversion cycle (days)	133	119	130	149	166	155	159	148