Goyal Associates Ltd: Intrinsic Value & Share Price Analysis

Q: What is the current share price and 52-week range of Goyal Associates Ltd?

Goyal Associates Ltd is trading at 0.68 as of 03 April 2026, with a FY2026-2027 high of 1.70 and low of 0.65. The stock is currently near its 52-week low. Market cap stands at 3.60 Cr..

Q: Is Goyal Associates Ltd financially healthy?

Key indicators: ROCE of 17.4 % indicates efficient capital utilization. Dividend yield is 0.00 %.

Q: Is Goyal Associates Ltd profitable and how is the profit trend?

Goyal Associates Ltd reported a net profit of 1 Cr in Mar 2025 on revenue of 3 Cr. Compared to 0 Cr in Mar 2022, the net profit shows an improving trend.

Fair Value

₹2.17Undervalued by 219.12%vs CMP ₹0.68

P/E (15.0) × ROE (16.9%) × BV (₹1.05) × DY (2.00%)

Defaults: P/E=15

₹1.01Undervalued by 48.53%vs CMP ₹0.68

MoS: +32.7% (Strong)Confidence: 43/100 (Low)Models: 4 Under, 4 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹2.23	20%	Under (+227.9%)
Graham Number	Earnings	₹0.97	18%	Under (+42.6%)
Earnings Power	Earnings	₹1.01	12%	Under (+48.5%)
DCF	Cash Flow	₹0.56	15%	Over (-17.6%)
Net Asset Value	Assets	₹1.05	8%	Under (+54.4%)
EV/EBITDA	Enterprise	₹0.27	10%	Over (-60.3%)
Earnings Yield	Earnings	₹0.40	8%	Over (-41.2%)
ROCE Capital	Returns	₹0.41	8%	Over (-39.7%)
Consensus (8 models)		₹1.01	100%	Undervalued

Key Drivers: Wide model spread (₹0–₹2) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 2.7% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

Goyal Associates Ltd scores 54/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health65/100 · Strong

ROCE 17.4% GoodROE 16.9% GoodD/E 1.29 High debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent

Smart Money50/100 · Moderate

Promoter holding at 4.7% Stable

Earnings Quality40/100 · Moderate

Working capital: 824 days Capital intensive

Quarterly Momentum40/100 · Moderate

Profit (4Q): -71% YoY Declining

Industry Rank75/100 · Strong

P/E 15.0 vs industry 101.6 Cheaper than peersROCE 17.4% vs industry 15.8% AverageROE 16.9% vs industry 8.8% Above peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:43 am

Market Cap	3.60 Cr.
Current Price	0.68
Intrinsic Value	₹2.23
High / Low	1.70/0.65
Stock P/E	15.0
Book Value	1.05
Dividend Yield	0.00 %
ROCE	17.4 %
ROE	16.9 %
Face Value	1.00
PEG Ratio	5.65

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Goyal Associates Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Mukesh Babu Financial Services Ltd	77.4 Cr.	111	150/100	15.0	459	1.08 %	1.33 %	0.45 %	10.0
Goyal Associates Ltd	3.60 Cr.	0.68	1.70/0.65	15.0	1.05	0.00 %	17.4 %	16.9 %	1.00
Fedbank Financial Services Ltd	4,887 Cr.	131	178/80.0	15.5	72.4	0.00 %	9.82 %	9.38 %	10.0
Emerald Finance Ltd	191 Cr.	55.2	112/45.5	14.2	26.3	0.27 %	18.4 %	13.8 %	10.0
Hybrid Financial Services Ltd	48.1 Cr.	16.4	35.2/9.35	14.1	14.8	0.00 %	11.2 %	11.6 %	5.00
Industry Average	22,241.21 Cr	369.74		101.56	513.16	0.26%	15.81%	8.84%	8.50

All Competitor Stocks of Goyal Associates Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	0.09	1.26	0.98	0.93	0.93	0.92	0.81	0.44	0.89	0.49	0.28	0.29	0.28
Interest	0.00	0.02	0.04	0.01	0.03	0.02	0.02	0.02	0.02	0.02	0.00	0.00	0.01
Expenses	0.06	1.25	0.70	0.67	0.65	0.62	0.57	0.28	0.53	0.31	0.25	0.22	0.20
Financing Profit	0.03	-0.01	0.24	0.25	0.25	0.28	0.22	0.14	0.34	0.16	0.03	0.07	0.07
Financing Margin %	33.33%	-0.79%	24.49%	26.88%	26.88%	30.43%	27.16%	31.82%	38.20%	32.65%	10.71%	24.14%	25.00%
Other Income	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.12	0.00	0.00	0.00
Depreciation	0.00	0.04	0.05	0.05	0.05	0.05	0.03	0.03	0.03	0.03	0.02	0.02	0.02
Profit before tax	0.03	-0.05	0.19	0.20	0.20	0.24	0.19	0.11	0.31	0.25	0.01	0.05	0.05
Tax %	0.00%	0.00%	26.32%	0.00%	25.00%	4.17%	0.00%	0.00%	0.00%	48.00%	0.00%	0.00%	0.00%
Net Profit	0.02	-0.05	0.14	0.20	0.15	0.24	0.18	0.11	0.31	0.13	0.01	0.05	0.05
EPS in Rs	0.00	-0.01	0.03	0.04	0.03	0.05	0.04	0.02	0.07	0.02	0.00	0.01	0.01
Gross NPA %
Net NPA %

Last Updated: March 3, 2026, 9:28 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 6:25 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	0.35	0.45	0.18	0.14	0.61	6.65	3.62	1.17	1.52	3.41	3.75	2.63	1.34
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06	0.11	0.10	0.09	0.08	0.03
Expenses	0.48	0.46	0.25	0.17	0.67	7.28	3.42	1.00	1.73	2.43	2.65	1.68	0.98
Financing Profit	-0.13	-0.01	-0.07	-0.03	-0.06	-0.63	0.20	0.11	-0.32	0.88	1.01	0.87	0.33
Financing Margin %	-37.14%	-2.22%	-38.89%	-21.43%	-9.84%	-9.47%	5.52%	9.40%	-21.05%	25.81%	26.93%	33.08%	24.63%
Other Income	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.12	0.12
Depreciation	0.04	0.03	0.00	0.00	0.00	0.00	0.00	0.05	0.12	0.16	0.18	0.12	0.09
Profit before tax	-0.17	-0.03	-0.07	-0.03	-0.06	-0.63	0.20	0.06	-0.44	0.72	0.84	0.87	0.36
Tax %	5.88%	-33.33%	0.00%	0.00%	0.00%	0.00%	15.00%	33.33%	0.00%	16.67%	25.00%	13.79%
Net Profit	-0.18	-0.01	-0.07	-0.03	-0.06	-0.63	0.16	0.03	-0.45	0.59	0.63	0.74	0.24
EPS in Rs	-0.04	-0.00	-0.01	-0.01	-0.01	-0.13	0.03	0.01	-0.10	0.13	0.13	0.14	0.04
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	94.44%	-600.00%	57.14%	-100.00%	-950.00%	125.40%	-81.25%	-1600.00%	231.11%	6.78%	17.46%
Change in YoY Net Profit Growth (%)	0.00%	-694.44%	657.14%	-157.14%	-850.00%	1075.40%	-206.65%	-1518.75%	1831.11%	-224.33%	10.68%

Goyal Associates Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	19%
5 Years:	-6%
3 Years:	20%
TTM:	-42%

Compounded Profit Growth
10 Years:	54%
5 Years:	36%
3 Years:	54%
TTM:	-27%

Stock Price CAGR
10 Years:	17%
5 Years:	7%
3 Years:	-13%
1 Year:	-37%

Return on Equity
10 Years:	4%
5 Years:	11%
3 Years:	20%
Last Year:	17%

Last Updated: September 5, 2025, 3:40 pm

Balance Sheet

Last Updated: February 1, 2026, 2:54 am

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	5.08	5.08	4.69	4.69	4.69	4.69	4.69	4.69	4.69	4.69	4.69	5.29	5.29
Reserves	-6.43	-6.45	-1.69	-1.72	-1.79	-2.41	-2.25	-2.22	-2.66	-2.08	-1.44	0.21	0.28
Borrowing	6.37	4.63	0.00	0.00	0.00	0.00	0.00	3.21	1.99	1.24	1.14	1.05	1.05
Other Liabilities	0.02	0.01	1.01	0.01	0.01	2.95	0.21	1.01	1.37	1.15	1.66	1.93	2.20
Total Liabilities	5.04	3.27	4.01	2.98	2.91	5.23	2.65	6.69	5.39	5.00	6.05	8.48	8.82
Fixed Assets	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.36	0.31	0.56	0.38	0.19	0.15
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	4.93	3.27	4.01	2.58	2.91	5.23	2.65	6.33	5.08	4.44	5.67	8.29	8.67
Total Assets	5.04	3.27	4.01	2.98	2.91	5.23	2.65	6.69	5.39	5.00	6.05	8.48	8.82

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-2.65	1.73	2.06	-1.41	-0.65	-0.24	-0.52	-2.24	1.17	0.86	-0.05	-1.52
Cash from Investing Activity +	0.00	0.00	0.00	-0.40	0.64	0.73	0.00	-0.42	-0.07	-0.41	0.00	0.19
Cash from Financing Activity +	2.46	-1.74	-0.19	0.00	0.00	0.00	0.00	3.23	-1.35	-0.74	0.00	1.42
Net Cash Flow	-0.19	-0.01	1.88	-1.81	0.00	0.49	-0.52	0.58	-0.26	-0.29	-0.05	0.10
Free Cash Flow	-2.65	1.73	2.06	-1.41	-0.65	-0.24	-0.52	-1.82	1.10	0.45	-0.05	-1.33
CFO/OP	2,038%	-17,300%	-2,943%	4,700%	1,083%	38%	-260%	-1,300%	-557%	100%	15%	-137%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-5.89	-4.17	0.25	0.17	0.67	7.28	3.42	-2.21	-0.26	1.19	1.51	0.63

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	41.71	0.00	0.00	0.00	341.07	194.85	17.14	31.20	2.40	137.01	40.88	22.21
Inventory Days	587.56	478.28	6,778.57	8,395.00	845.58	53.83	56.93	0.00
Days Payable	0.00	0.00	5,214.29	0.00	0.00	150.72	18.98
Cash Conversion Cycle	629.28	478.28	1,564.29	8,395.00	1,186.65	97.96	55.09	31.20	2.40	137.01	40.88	22.21
Working Capital Days	-1,574.71	-1,143.67	2,190.00	6,413.57	1,250.57	92.76	51.42	65.51	-273.75	35.32	-95.39	824.37
ROCE %	-4.39%	-0.72%	-2.24%	-1.01%	-2.04%	-24.32%	8.47%	2.96%	-6.80%	20.84%	22.57%	17.37%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	4.72%	4.72%	4.72%	4.72%
DIIs	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%
Public	94.65%	94.65%	94.66%	94.66%	94.66%	94.66%	94.66%	94.66%	95.27%	95.26%	95.26%	95.26%
No. of Shareholders	8,901	9,256	11,355	13,274	16,392	18,946	20,321	24,958	27,205	27,516	27,716	27,944

Shareholding Pattern Chart

No. of Shareholders

Goyal Associates Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	0.16	0.13	0.12	-0.10	0.01
Diluted EPS (Rs.)	0.14	0.13	0.12	-0.10	0.01
Cash EPS (Rs.)	0.16	0.17	0.15	-0.06	0.02
Book Value[Excl.RevalReserv]/Share (Rs.)	1.04	0.69	0.55	0.43	0.53
Book Value[Incl.RevalReserv]/Share (Rs.)	1.04	0.69	0.55	0.43	0.53
Revenue From Operations / Share (Rs.)	0.49	0.79	0.72	0.32	0.24
PBDIT / Share (Rs.)	0.20	0.23	0.20	-0.04	0.03
PBIT / Share (Rs.)	0.17	0.19	0.17	-0.07	0.02
PBT / Share (Rs.)	0.16	0.17	0.14	-0.09	0.01
Net Profit / Share (Rs.)	0.13	0.13	0.12	-0.09	0.01
PBDIT Margin (%)	40.51	29.71	28.42	-13.85	15.04
PBIT Margin (%)	35.87	24.82	23.60	-22.05	10.33
PBT Margin (%)	32.86	22.43	20.60	-29.53	5.28
Net Profit Margin (%)	28.10	16.81	17.03	-29.53	4.45
Return on Networth / Equity (%)	13.40	19.40	22.22	-22.04	2.08
Return on Capital Employeed (%)	14.99	23.54	27.49	-15.95	4.66
Return On Assets (%)	8.70	10.41	11.60	-8.30	0.77
Total Debt / Equity (X)	0.19	0.35	0.47	0.97	1.29
Asset Turnover Ratio (%)	0.36	0.67	0.65	0.25	0.24
Current Ratio (X)	3.77	2.70	2.14	1.54	1.54
Quick Ratio (X)	3.77	2.70	2.14	1.54	1.54
Interest Coverage Ratio (X)	13.47	12.40	9.48	-1.85	2.98
Interest Coverage Ratio (Post Tax) (X)	10.34	8.01	6.68	-2.95	1.88
Enterprise Value (Cr.)	8.48	9.36	14.19	9.24	18.94
EV / Net Operating Revenue (X)	3.23	2.49	4.16	6.10	16.24
EV / EBITDA (X)	7.97	8.40	14.65	-44.00	107.99
MarketCap / Net Operating Revenue (X)	2.88	2.20	3.83	5.05	14.05
Price / BV (X)	1.38	2.54	5.00	3.77	6.58
Price / Net Operating Revenue (X)	2.88	2.20	3.83	5.05	14.06
EarningsYield	0.09	0.07	0.04	-0.05	0.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Goyal Associates Ltd. is a Public Limited Listed company incorporated on 14/10/1994 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L74999GJ1994PLC023281 and registration number is 023281. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 2.63 Cr. and Equity Capital is Rs. 5.29 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Non-Banking Financial Company (NBFC)	401, Phoenix Complex, Waghodia Road, Vadodra Gujarat 390019	Contact not found

Management
Name	Position Held
Mr. Vuppala Naga Malleshwa Rao	Non Exe.Non Ind.Director
Mr. Vikram Singh Thakur	Ind. Non-Executive Director
Mr. Hasmukh Prajapati	Ind. Non-Executive Director
Mr. Harish Sharma	Ind. Non-Executive Director

FAQ

What is the intrinsic value of Goyal Associates Ltd and is it undervalued?

As of 03 April 2026, Goyal Associates Ltd's intrinsic value is ₹1.01, which is 48.53% higher than the current market price of ₹0.68, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (16.9 %), book value (₹1.05), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Goyal Associates Ltd?

Goyal Associates Ltd is trading at ₹0.68 as of 03 April 2026, with a FY2026-2027 high of ₹1.70 and low of ₹0.65. The stock is currently near its 52-week low. Market cap stands at ₹3.60 Cr..

How does Goyal Associates Ltd's P/E ratio compare to its industry?

Goyal Associates Ltd has a P/E ratio of 15.0, which is below the industry average of 101.56. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Goyal Associates Ltd financially healthy?

Key indicators for Goyal Associates Ltd: ROCE of 17.4 % indicates efficient capital utilization; ROE of 16.9 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Goyal Associates Ltd profitable and how is the profit trend?

Goyal Associates Ltd reported a net profit of ₹1 Cr in Mar 2025 on revenue of ₹3 Cr. Compared to ₹0 Cr in Mar 2022, the net profit shows an improving trend.

Does Goyal Associates Ltd pay dividends?

Goyal Associates Ltd has a dividend yield of 0.00 % at the current price of ₹0.68. The company is currently not paying meaningful dividends.