S H Kelkar and Company Limited (SHK.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

+65.7%

₹216.79

vs ₹130.81 price

Levered DCF

₹146.56

After debt service

Piotroski score

6 / 9

Average

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	22.47×	34.59×	23.7×	21.96×	13.28×	10.63×	29.73×	24.29×
P/B	1.14×	1.99×	2.39×	1.26×	1.95×	1.62×	1.29×	2.49×
P/S	0.66×	1.2×	1.58×	0.8×	1.26×	1.17×	0.96×	2.06×
EV / EBITDA	8.77×	12.66×	11.59×	9.5×	11.92×	7.21×	10.45×	15.23×
Gross margin	21.5%	42.8%	43.5%	39.7%	40.0%	42.6%	21.9%	43.3%
Operating margin	5.2%	9.8%	12.1%	8.2%	10.2%	14.7%	11.8%	11.5%
Net margin	2.9%	3.5%	6.7%	3.6%	9.5%	11.0%	3.2%	8.5%
Current ratio	1.27×	1.39×	1.46×	1.7×	1.7×	1.82×	1.4×	1.6×
Debt / equity	0.76×	0.65×	0.55×	0.58×	0.69×	0.54×	0.44×	0.4×
Interest coverage	2.21×	4.18×	5.49×	5.75×	15.79×	9.68×	5.07×	8.75×
Dividend yield	1.8%	0.4%	1.0%	0.8%	0.5%	0.9%	1.5%	1.4%
Payout ratio	40.0%	14.2%	24.0%	17.0%	7.1%	9.8%	45.4%	34.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.1%	5.8%	10.1%	5.7%	14.7%	15.2%	4.3%	10.2%
Return on invested capital	3.1%	6.2%	7.8%	4.7%	8.5%	9.6%	7.0%	7.4%
Return on assets	2.4%	2.7%	5.1%	2.8%	6.5%	7.6%	2.4%	6.1%
Free cash flow yield	0.3%	-3.2%	1.6%	9.5%	1.2%	10.5%	15.1%	-1.9%
Earnings yield	4.5%	2.9%	4.2%	4.5%	7.5%	9.4%	3.4%	4.1%
Enterprise value	₹25.2B	₹32.8B	₹34.7B	₹19B	₹25.5B	₹19.2B	₹13.6B	₹24.5B
Net debt / EBITDA	3.36×	2.88×	1.89×	2.78×	2.7×	1.43×	2.32×	1.89×
Cash conversion cycle (days)	165	185	204	182	182	193	174	248