UCAL Limited (UCAL.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

-102.7%

-₹3.87

vs ₹140.94 price

Levered DCF

₹12.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.7

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-5.38×	-18.07×	-13.34×	279.87×	7.09×	10.73×	7.58×	7.97×
P/B	0.55×	0.83×	0.91×	0.61×	0.63×	0.86×	0.48×	1.13×
P/S	0.21×	0.37×	0.47×	0.29×	0.32×	0.45×	0.22×	0.42×
EV / EBITDA	9.27×	10.21×	12.5×	7.08×	4.79×	8.55×	4.55×	4.69×
Gross margin	24.1%	43.0%	43.7%	41.1%	42.9%	13.2%	55.5%	55.6%
Operating margin	1.7%	-0.1%	0.7%	2.4%	4.1%	4.1%	27.3%	31.1%
Net margin	-4.0%	-2.0%	-3.5%	0.1%	4.5%	4.2%	2.9%	5.3%
Current ratio	0.98×	0.92×	0.82×	0.72×	0.81×	0.86×	0.6×	0.73×
Debt / equity	0.57×	0.88×	0.72×	0.57×	0.63×	0.84×	0.77×	0.72×
Interest coverage	0.46×	-0.04×	0.23×	0.92×	1.41×	1×	0×	0×
Dividend yield	0.0%	0.0%	1.3%	1.8%	1.8%	0.0%	15.0%	7.5%
Payout ratio	0.0%	0.0%	-17.5%	518.8%	12.7%	0.0%	113.5%	59.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.2%	-4.6%	-6.8%	0.2%	8.9%	8.1%	6.4%	14.2%
Return on invested capital	2.6%	-0.2%	0.8%	0.4%	4.4%	-2.6%	20.3%	30.3%
Return on assets	-4.9%	-1.9%	-3.2%	0.1%	4.5%	3.4%	2.7%	6.2%
Free cash flow yield	50.6%	1.6%	-14.7%	17.9%	19.8%	-1.9%	42.9%	27.8%
Earnings yield	-18.6%	-5.5%	-7.5%	0.4%	14.1%	9.3%	13.2%	12.5%
Enterprise value	₹3.6B	₹6B	₹6B	₹4.6B	₹4.9B	₹5.8B	₹4.1B	₹5.9B
Net debt / EBITDA	4.61×	5.19×	5.48×	3.4×	2.38×	3.98×	2.77×	1.8×
Cash conversion cycle (days)	11	50	32	30	57	42	-22	6