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Last Updated: April 2, 2026, 3:57 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 512553 | NSE: ZENITHEXPO

Zenith Exports Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹196.69Fairly Valued by 5.18%vs CMP ₹187.00

P/E (52.2) × ROE (3.0%) × BV (₹156.00) × DY (2.00%)

₹181.80Fairly Valued by 2.78%vs CMP ₹187.00
MoS: -2.9% (Negative)Confidence: 43/100 (Low)Models: 2 Under, 1 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹275.2128%Under (+47.2%)
Graham NumberEarnings₹187.6320%Fair (+0.3%)
Earnings PowerEarnings₹15.7713%Over (-91.6%)
DCFCash Flow₹240.1013%Under (+28.4%)
Net Asset ValueAssets₹156.129%Over (-16.5%)
Earnings YieldEarnings₹100.309%Over (-46.4%)
Revenue MultipleRevenue₹133.497%Over (-28.6%)
Consensus (7 models)₹181.80100%Fairly Valued
Key Drivers: EPS CAGR 39.9% lifts DCF — verify sustainability. | ROE 3.0% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 39.9%

*Investments are subject to market risks

Investment Snapshot

40
Zenith Exports Ltd scores 40/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health54/100 · Moderate
ROCE 1.5% WeakROE 3.0% WeakD/E 0.10 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
Promoter holding at 45.6% Stable
Earnings Quality30/100 · Weak
OPM contracting (0% → -3%) DecliningWorking capital: 171 days Capital intensive
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 2% YoY FlatOPM: -1.6% (down 3.3% YoY) Margin pressure
Industry Rank20/100 · Weak
P/E 52.2 vs industry 28.0 Premium to peersROCE 1.5% vs industry 6.8% Below peers3Y sales CAGR: -7% Shrinking

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.

Zenith Exports Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
50/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 52.2 vs Ind 28.0 | ROCE 1.5% | ROE 3.0% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.10x | IntCov 0.0x | Current 4.30x | Borrow/Reserve 0.04x
Cash Flow Reliability
14/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹2 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII N/A | DII N/A | Prom 0.00 pp
Business Momentum
-100
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -27.4% | Q NP -79.8% | Q OPM -2.6 pp
Derived FieldValueHow it is derived
Valuation Gap %-2.8%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.04xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII ChangeN/ALatest FII% minus previous FII%
DII ChangeN/ALatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-61Latest shareholder count minus previous count
Quarterly Sales Change-27.4%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-79.8%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-2.6 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:57 am

Market Cap 101 Cr.
Current Price 187
Intrinsic Value₹181.80
High / Low 352/174
Stock P/E52.2
Book Value 156
Dividend Yield0.00 %
ROCE1.46 %
ROE2.96 %
Face Value 10.0
PEG Ratio1.31

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

View Share Price Target for Zenith Exports Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Zenith Exports Ltd 101 Cr. 187 352/17452.2 1560.00 %1.46 %2.96 % 10.0
Anka India Ltd 113 Cr. 21.9 71.1/18.6 5.230.00 %%% 10.0
Superhouse Ltd 153 Cr. 139 202/12224.9 4180.58 %3.90 %1.19 % 10.0
Mirza International Ltd 384 Cr. 27.8 44.0/24.8 41.70.00 %1.00 %0.78 % 2.00
Sreeleathers Ltd – a Premier Leather Goods Manufacturer 404 Cr. 174 283/16516.6 2090.57 %7.31 %5.14 % 10.0
Industry Average620.71 Cr165.2628.04135.720.19%6.81%4.43%8.00

All Competitor Stocks of Zenith Exports Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 12.8814.6221.0522.4118.3719.8716.5416.1018.5720.8917.9019.5114.17
Expenses 14.1213.4320.6821.9719.2421.0716.7419.4818.2422.1316.6119.3114.39
Operating Profit -1.241.190.370.44-0.87-1.20-0.20-3.380.33-1.241.290.20-0.22
OPM % -9.63%8.14%1.76%1.96%-4.74%-6.04%-1.21%-20.99%1.78%-5.94%7.21%1.03%-1.55%
Other Income 2.120.940.700.891.051.200.841.071.005.641.021.200.87
Interest 0.170.200.260.290.170.180.210.240.210.180.220.160.16
Depreciation 0.330.320.240.250.250.280.210.190.210.210.160.150.17
Profit before tax 0.381.610.570.79-0.24-0.460.22-2.740.914.011.931.090.32
Tax % 13.16%18.63%31.58%32.91%-16.67%-8.70%36.36%-23.36%26.37%25.19%27.46%22.94%46.88%
Net Profit 0.331.310.390.53-0.20-0.420.14-2.100.673.001.400.840.17
EPS in Rs 0.612.430.720.98-0.37-0.780.26-3.891.245.562.591.560.32

Last Updated: March 3, 2026, 1:44 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 12:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 315.52266.46242.51128.61109.5298.5482.8250.7190.5462.2581.6872.1072.47
Expenses 299.94261.81240.26133.21113.8499.0187.1152.9090.1662.3982.5776.3172.44
Operating Profit 15.584.652.25-4.60-4.32-0.47-4.29-2.190.38-0.14-0.89-4.210.03
OPM % 4.94%1.75%0.93%-3.58%-3.94%-0.48%-5.18%-4.32%0.42%-0.22%-1.09%-5.84%0.04%
Other Income 1.206.404.553.585.31-6.025.613.513.484.513.818.568.73
Interest 7.496.693.280.311.361.651.361.281.221.071.241.130.72
Depreciation 6.464.563.491.421.411.631.691.641.281.301.010.820.69
Profit before tax 2.83-0.200.03-2.75-1.78-9.77-1.73-1.601.362.000.672.407.35
Tax % 40.99%-140.00%-400.00%-24.36%5.06%-19.34%-17.34%-19.38%25.74%21.00%53.73%28.75%
Net Profit 1.670.080.16-2.08-1.88-7.87-1.43-1.301.011.580.301.715.41
EPS in Rs 3.090.150.30-3.85-3.48-14.58-2.65-2.411.872.930.563.1710.03
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

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-95.21%100.00%-1400.00%9.62%-318.62%81.83%9.09%177.69%56.44%-81.01%470.00%
Change in YoY Net Profit Growth (%)0.00%195.21%-1500.00%1409.62%-328.23%400.45%-72.74%168.60%-121.26%-137.45%551.01%

Zenith Exports 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:-12%
5 Years:-3%
3 Years:-7%
TTM:-5%
Compounded Profit Growth
10 Years:%
5 Years:-4%
3 Years:%
TTM:-1100%
Stock Price CAGR
10 Years:18%
5 Years:50%
3 Years:54%
1 Year:21%
Return on Equity
10 Years:-1%
5 Years:0%
3 Years:-1%
Last Year:-3%

Last Updated: September 5, 2025, 1:56 pm

Balance Sheet

Last Updated: December 4, 2025, 2:14 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 5.405.405.405.405.405.405.405.405.405.405.405.405.40
Reserves 91.5386.4186.5784.4882.7774.8673.2971.7872.7674.3374.8676.5778.92
Borrowings 35.6731.6312.636.8011.3013.028.277.7913.819.475.547.763.05
Other Liabilities 28.4913.4516.4313.7611.9314.2612.2710.809.5510.8110.1011.1510.02
Total Liabilities 161.09136.89121.03110.44111.40107.5499.2395.77101.52100.0195.90100.8897.39
Fixed Assets 40.8229.1622.8920.6917.9615.5914.6112.9812.1210.249.2611.3011.51
CWIP 0.000.000.000.000.000.000.000.000.000.000.050.000.56
Investments 0.210.010.014.0817.562.000.000.170.540.851.321.518.57
Other Assets 120.06107.7298.1385.6775.8889.9584.6282.6288.8688.9285.2788.0776.75
Total Assets 161.09136.89121.03110.44111.40107.5499.2395.77101.52100.0195.90100.8897.39

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 7.936.8319.2111.677.99-8.8716.902.52-14.9819.23-6.57-3.03
Cash from Investing Activity + -1.400.423.57-2.59-12.0315.61-10.301.1811.47-15.5517.03-3.98
Cash from Financing Activity + -3.23-9.64-21.42-6.143.640.40-5.75-1.525.14-4.98-4.841.38
Net Cash Flow 3.30-2.391.372.94-0.397.150.852.181.63-1.315.62-5.63
Free Cash Flow 6.446.5822.5212.408.73-9.2216.662.51-15.4020.84-6.89-1.14
CFO/OP 61%173%867%-257%-189%1,860%-401%-131%-3,895%-13,857%710%65%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-20.09-26.98-10.38-11.40-15.62-13.49-12.56-9.98-13.43-9.61-6.43-11.97

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 19.3229.4251.8563.0656.2250.6757.6567.1655.5954.3064.2189.10
Inventory Days 110.71114.6790.68140.77169.01269.17184.97356.13238.18290.24208.73200.32
Days Payable 19.646.0213.9824.7917.9437.7241.3370.1931.1262.4042.2747.19
Cash Conversion Cycle 110.38138.07128.55179.05207.29282.13201.29353.10262.65282.13230.68242.23
Working Capital Days 52.1673.0191.71139.12133.94160.13132.13196.00154.24144.77161.68170.70
ROCE %7.95%4.81%2.53%-1.62%-0.81%-0.72%-1.11%0.15%2.89%2.23%2.22%-1.46%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.75%51.75%51.75%51.75%45.55%45.55%45.55%45.55%45.55%45.55%45.55%45.55%
Public 48.25%48.25%48.25%48.24%54.45%54.45%54.45%54.45%54.46%54.46%54.46%54.46%
No. of Shareholders 2,2872,2232,1442,2302,3232,5902,4092,3702,4452,4152,5272,466

Shareholding Pattern Chart

No. of Shareholders

Zenith Exports Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 3.170.562.921.87-2.40
Diluted EPS (Rs.) 3.170.562.921.87-2.40
Cash EPS (Rs.) 4.692.445.344.250.63
Book Value[Excl.RevalReserv]/Share (Rs.) 151.90148.72147.75144.84143.02
Book Value[Incl.RevalReserv]/Share (Rs.) 151.90148.72147.75144.84143.02
Revenue From Operations / Share (Rs.) 133.62151.39115.36167.7993.96
PBDIT / Share (Rs.) -0.764.797.336.522.83
PBIT / Share (Rs.) -2.272.914.914.14-0.21
PBT / Share (Rs.) 4.461.233.712.51-2.97
Net Profit / Share (Rs.) 3.170.562.921.87-2.40
PBDIT Margin (%) -0.563.166.353.883.00
PBIT Margin (%) -1.701.924.252.46-0.22
PBT Margin (%) 3.330.813.211.49-3.16
Net Profit Margin (%) 2.370.372.531.11-2.55
Return on Networth / Equity (%) 2.080.371.971.28-1.68
Return on Capital Employeed (%) -1.451.903.252.79-0.14
Return On Assets (%) 1.690.311.570.99-1.35
Total Debt / Equity (X) 0.090.060.110.170.10
Asset Turnover Ratio (%) 0.730.830.610.910.51
Current Ratio (X) 4.745.523.883.814.30
Quick Ratio (X) 3.313.472.381.962.64
Inventory Turnover Ratio (X) 2.781.230.891.091.01
Interest Coverage Ratio (X) -0.482.856.083.991.47
Interest Coverage Ratio (Post Tax) (X) -2.271.333.432.140.18
Enterprise Value (Cr.) 93.8971.5425.8043.3215.65
EV / Net Operating Revenue (X) 1.300.870.410.470.30
EV / EBITDA (X) -228.8927.706.5312.3110.25
MarketCap / Net Operating Revenue (X) 1.591.120.720.570.72
Price / BV (X) 1.401.140.560.660.47
Price / Net Operating Revenue (X) 1.591.120.720.570.72
EarningsYield 0.010.000.030.01-0.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Zenith Exports Ltd. is a Public Limited Listed company incorporated on 23/07/1981 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L24294WB1981PLC033902 and registration number is 033902. Currently Company is involved in the business activities of Manufacture of luggage, handbags and the like, saddlery and harness. Company's Total Operating Revenue is Rs. 72.10 Cr. and Equity Capital is Rs. 5.40 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Leather/Synthetic Products19, Rajendra Nath Mukherjee Road, Kolkata West Bengal 700001Contact not found
Management
NamePosition Held
Mr. Varun LoyalkaManaging Director
Mrs. Urmila LoyalkaWoman Director
Mr. Rabindra Kumar SarawgeeInd. Non-Executive Director
Mr. Surendra BafnaInd. Non-Executive Director
Mr. Kamal Koomar JainInd. Non-Executive Director
Mr. Sanjay Kumar ShawInd. Non-Executive Director

FAQ

What is the intrinsic value of Zenith Exports Ltd and is it undervalued?

As of 05 April 2026, Zenith Exports Ltd's intrinsic value is ₹181.80, which is 2.78% lower than the current market price of ₹187.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.96 %), book value (₹156), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Zenith Exports Ltd?

Zenith Exports Ltd is trading at ₹187.00 as of 05 April 2026, with a FY2026-2027 high of ₹352 and low of ₹174. The stock is currently near its 52-week low. Market cap stands at ₹101 Cr..

How does Zenith Exports Ltd's P/E ratio compare to its industry?

Zenith Exports Ltd has a P/E ratio of 52.2, which is above the industry average of 28.04. The premium over industry average may reflect growth expectations or speculative interest.

Is Zenith Exports Ltd financially healthy?

Key indicators for Zenith Exports Ltd: ROCE of 1.46 % is on the lower side compared to the industry average of 6.81%; ROE of 2.96 % is below ideal levels (industry average: 4.43%). Dividend yield is 0.00 %.

Is Zenith Exports Ltd profitable and how is the profit trend?

Zenith Exports Ltd reported a net profit of ₹2 Cr in Mar 2025 on revenue of ₹72 Cr. Compared to ₹1 Cr in Mar 2022, the net profit shows an improving trend.

Does Zenith Exports Ltd pay dividends?

Zenith Exports Ltd has a dividend yield of 0.00 % at the current price of ₹187.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Zenith Exports Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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