Nitiraj Engineers Limited (NITIRAJ) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Nitiraj Engineers Limited ₹28.97, price ₹201, upside -85.6%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value ₹28.97 · Strongly overvalued (−85.6%)
!Quality 37/100
!Weak Growth(revenue 5y −2.8 %/yr)
!Thin margins · 2.3% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers(1/13)
!Narrow moat12/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹41.01 – ₹398.84 · fair‑value band ₹21.73 – ₹36.21 · the ₹200.90 price screens above the ₹28.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Nitiraj Engineers Limited manufactures and sells various electronic weighing scales, currency counting machines, and taxi fare meters for industrial and domestic sectors in India and internationally.
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Nitiraj Engineers Limited manufactures and sells various electronic weighing scales, currency counting machines, and taxi fare meters for industrial and domestic sectors in India and internationally. The company operates through Electronic Weighing Scales & Systems; Electronic Currency Counting Machines; Digital Fare Meters; Home & Hotel Automation; and Mechanical Scales. It offers jewelry, tabletop, price computing, piece counting, platform, hanging, industrial, kitchen, baby weighing, person weighing, adult weighing, and body mass index scales; analytical weighing balances; special application indicators; growth monitoring devices; home automation devices; security solutions; as well as other security and automation products. The company also provides remote pilot training organisation (RPTO) services for drones/UAVs. It markets its products under the Phoenix brand name through regional branches and dealers. The company was incorporated in 1989 and is based in Dhule, India.
Stock analysis
Nitiraj Engineers Limited (NITIRAJ) currently trades at ₹200.90, while our model-based Fair Value estimate is ₹28.97, 85.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ₹53.81 per share, and 0 of the 10 models we run sit above the ₹200.90 price.
Bear case: the Earnings-Based group reads lowest at ₹9.93, and 10 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹21.73 (bear) to ₹36.21 (bull), the price of ₹200.90 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 37/100 (below-average quality), in the Technology sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Nitiraj Engineers Limited reported revenue of ₹464M in FY2026 versus ₹396M in FY2022, a compound +4.0%/yr. Reported net income was ₹10.6M in FY2026.
Key figures
Market cap ₹2.1B (≈ $21.5M) · P/E ratio 195.0 · P/S ratio 4.46 · EPS (TTM) ₹1.03 · Dividend yield 0.8% · Net margin 2.3% · Return on equity 1.3% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −37% fair-value upside, at −86%, NITIRAJ screens richer than that median.
Fair Value models
Bear ₹21.73Fair Value ₹28.97Bull ₹36.21
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.5221 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.14/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−39.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.8%
Start year 2021 (pandemic). Over 10 years: −1.9% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−17.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.7%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−18.7% vs −13.7%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 0%
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Scientific & Technical Instruments · 149 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Nitiraj Engineers Limited (NITIRAJ) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹28.97 versus a price of ₹200.90, about −86% upside (overvalued).
What is the fair value of NITIRAJ?
Our model-based fair value for Nitiraj Engineers Limited is ₹28.97 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹200.90.
What is the quality score of NITIRAJ?
Nitiraj Engineers Limited has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nitiraj Engineers Limited (NITIRAJ)?
Our model-based price target is the fair value of ₹28.97 (as of Sep 27, 2026) from 10 valuation models. Cautious scenario ₹21.73, optimistic scenario ₹36.21. It is a calculation from audited fundamentals, not an analyst target.
What is the Nitiraj Engineers Limited stock forecast for 2026?
Our models put fair value at ₹28.97, about −86% upside versus a price of ₹200.90 (overvalued). Cautious scenario ₹21.73, optimistic scenario ₹36.21. The calculation is refreshed regularly with new filings.
What is the revenue of Nitiraj Engineers Limited (NITIRAJ)?
Nitiraj Engineers Limited reported trailing-twelve-month revenue of about ₹464M (latest available figure, as of Sep 27, 2026).
Does Nitiraj Engineers Limited pay a dividend?
Nitiraj Engineers Limited currently shows a dividend yield of about 0.80% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Nitiraj Engineers Limited (NITIRAJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nitiraj Engineers Limited it is ₹28.97 per share (as of Sep 27, 2026), against a price of ₹200.90. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Nitiraj Engineers Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, NITIRAJ trades above its calculated fair value: price ₹200.90, fair value ₹28.97, a gap of about −86% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NITIRAJ?
No. The price is what the market pays today (₹200.90); the fair value is what the company's own numbers justify (₹28.97). For Nitiraj Engineers Limited the two are ₹171.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nitiraj Engineers Limited worth?
The market values Nitiraj Engineers Limited at about ₹2.1B (market capitalisation, as of Sep 27, 2026). Per share that is ₹200.90; our models calculate a fair value of ₹28.97 per share.
What do the bullish and bearish scenarios say about NITIRAJ?
Our models span a range for Nitiraj Engineers Limited: cautious scenario ₹21.73, base ₹28.97, optimistic ₹36.21 per share (as of Sep 27, 2026, price ₹200.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NITIRAJ?
Nitiraj Engineers Limited trades at a price-to-earnings ratio of 195.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹28.97 is built from several models across several years. Other multiples: P/B 2.5, P/S 4.5, EV/EBITDA 57.4.
How solid is the balance sheet of Nitiraj Engineers Limited (NITIRAJ)?
Balance-sheet figures for Nitiraj Engineers Limited (as of Sep 27, 2026): return on equity 1.3%, debt of 0.00 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is NITIRAJ from its 52-week high?
Nitiraj Engineers Limited trades at ₹200.90, about 14% below its 52-week high of ₹234.07 and 17% above the low of ₹171.85 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹28.97 is for.
Which stocks are comparable to Nitiraj Engineers Limited?
From the same area (Technology) we also value Keysight Technologies, Inc, Coherent Corp, Garmin Ltd, Chroma ATE Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nitiraj Engineers Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹200.90, calculated fair value ₹28.97 (−86%), Quality Score 37/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NITIRAJ calculated?
We run Nitiraj Engineers Limited through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹28.97, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Nitiraj Engineers Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nitiraj Engineers Limited (NITIRAJ)?
The closing price on Oct 1, 2026 was ₹200.90. Our model-based fair value is ₹28.97, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nitiraj Engineers Limited right now?
The price sits above even our optimistic bull case (₹36.21). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Nitiraj Engineers Limited (NITIRAJ) come from?
Earnings per share at Nitiraj Engineers Limited grew +6.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +6.7 %, EBIT margin −0.7 %, tax rate +0.3 %, residual (interest, one-offs) +0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Nitiraj Engineers Limited
How large is the market capitalisation of Nitiraj Engineers Limited (NITIRAJ)?
The market capitalisation of Nitiraj Engineers Limited is ₹2.1B (≈ $21.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nitiraj Engineers Limited (NITIRAJ)?
The price-to-sales ratio of Nitiraj Engineers Limited is 4.46 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nitiraj Engineers Limited (NITIRAJ)?
Earnings per share at Nitiraj Engineers Limited are ₹1.03 (price ÷ EPS = P/E 195.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nitiraj Engineers Limited (NITIRAJ)?
The dividend yield of Nitiraj Engineers Limited is 0.8% (payout 157%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nitiraj Engineers Limited (NITIRAJ)?
The net margin of Nitiraj Engineers Limited is 2.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nitiraj Engineers Limited (NITIRAJ)?
The return on equity (ROE) of Nitiraj Engineers Limited is 1.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nitiraj Engineers Limited (NITIRAJ)?
On an EBIT basis the return on assets of Nitiraj Engineers Limited is 4.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nitiraj Engineers Limited (NITIRAJ)?
The operating margin of Nitiraj Engineers Limited is −14.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nitiraj Engineers Limited (NITIRAJ)?
Revenue at Nitiraj Engineers Limited is growing −63.8% versus a year earlier (3y avg +0.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nitiraj Engineers Limited (NITIRAJ)?
Earnings per share at Nitiraj Engineers Limited are growing −94.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nitiraj Engineers Limited (NITIRAJ) generate?
The free cash flow of Nitiraj Engineers Limited is −₹89.2M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Nitiraj Engineers Limited (NITIRAJ) hold?
Nitiraj Engineers Limited holds more cash than debt, ₹38.3M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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