Khandelwal Extractions Ltd. (ZKHANDEN.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

+72.1%

₹280.09

vs ₹162.70 price

Levered DCF

-₹104.45

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	50.5×	21.99×	20.05×	25.33×	16.62×	-19.53×	-11.39×	-13.94×
P/B	3.39×	2.23×	2.6×	2.16×	2.36×	2.76×	2.41×	1.99×
P/S	17.85×	8.93×	8.7×	7.22×	547.78×	0×	0×	0.92×
EV / EBITDA	34.71×	14.75×	13.13×	9.58×	8.03×	-13.53×	-9.66×	-23.34×
Gross margin	100.0%	100.0%	68.7%	64.3%	-3494.4%	0.0%	0.0%	5.7%
Operating margin	15.6%	30.6%	36.8%	25.9%	-6696.7%	0.0%	0.0%	-9.5%
Net margin	35.3%	40.7%	43.4%	28.5%	3301.1%	0.0%	0.0%	-6.6%
Current ratio	3.29×	3.89×	2.56×	1.86×	1.57×	1.25×	1.45×	1.85×
Debt / equity	0.02×	0.02×	0.18×	0.39×	0.58×	0.67×	0.59×	0.48×
Interest coverage	0×	17.83×	6.12×	3.1×	-8.37×	-3.59×	-2.95×	-2.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	10.1%	13.0%	8.5%	14.2%	-14.1%	-21.1%	-14.3%
Return on invested capital	2.2%	5.6%	6.7%	3.5%	-12.7%	-6.1%	-7.8%	-9.8%
Return on assets	5.6%	8.4%	8.9%	5.0%	7.5%	-7.3%	-12.1%	-9.1%
Free cash flow yield	1.6%	4.5%	1.6%	-7.9%	-11.0%	-5.1%	-7.0%	66.6%
Earnings yield	2.0%	4.6%	5.0%	4.0%	6.0%	-5.1%	-8.8%	-7.2%
Enterprise value	₹106.1M	₹63.9M	₹72.4M	₹38.2M	₹42.5M	₹55M	₹55.8M	₹54.1M
Net debt / EBITDA	-0.02×	-0.26×	0.75×	-2.77×	-1.27×	-1.4×	-1.13×	-2.06×
Cash conversion cycle (days)	0	-903	-19	-65	1,238	-65	-599	3