Tamil Nadu Newsprint and Papers Limited (TNPL.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

+147.2%

₹333.00

vs ₹134.70 price

Levered DCF

₹705.99

After debt service

Piotroski score

4 / 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	3.42×	243.33×	8.55×	3.9×	80.99×	-15.57×	4.73×	15.77×
P/B	0.37×	0.43×	0.85×	0.78×	0.73×	0.64×	0.36×	0.9×
P/S	0.18×	0.2×	0.38×	0.29×	0.29×	0.37×	0.18×	0.37×
EV / EBITDA	4.39×	5.81×	4.38×	3.12×	8.62×	11.75×	4.5×	5.52×
Gross margin	14.7%	27.0%	32.6%	21.2%	24.2%	28.9%	16.3%	15.7%
Operating margin	3.6%	16.5%	21.9%	14.8%	4.0%	1.6%	11.8%	9.6%
Net margin	5.3%	0.1%	4.4%	7.5%	0.4%	-2.4%	3.8%	2.3%
Current ratio	0.69×	0.66×	0.67×	0.6×	0.47×	0.67×	0.71×	0.68×
Debt / equity	0.7×	0.77×	0.86×	0.96×	1.41×	1.71×	1.29×	1.19×
Interest coverage	0.87×	3.43×	4.6×	4.23×	1.03×	0.24×	1.83×	1.66×
Dividend yield	2.4%	0.8%	3.1%	1.8%	1.8%	4.1%	8.4%	2.3%
Payout ratio	8.4%	185.5%	26.6%	7.1%	144.9%	-63.8%	39.9%	36.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.7%	0.2%	10.0%	20.0%	0.9%	-4.1%	7.6%	5.7%
Return on invested capital	3.8%	12.1%	14.6%	11.4%	2.5%	0.6%	6.5%	6.0%
Return on assets	4.0%	0.1%	3.4%	6.3%	0.2%	-1.1%	2.3%	1.7%
Free cash flow yield	1.0%	43.6%	15.6%	46.2%	65.0%	-25.9%	4.5%	51.4%
Earnings yield	29.2%	0.4%	11.7%	25.7%	1.2%	-6.4%	21.1%	6.3%
Enterprise value	₹24.5B	₹24.9B	₹35.3B	₹32.7B	₹33.9B	₹37.4B	₹28.2B	₹34B
Net debt / EBITDA	2.87×	3.69×	2.18×	1.68×	5.67×	8.56×	3.51×	3.1×
Cash conversion cycle (days)	2	17	34	2	-66	35	43	10