NARMADA GELATINES LTD. (SHAWGELTIN) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of NARMADA GELATINES LTD. ₹526, price ₹439, upside +20.0%, quality 71 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 Oct 3, 2026.
How to read this chart
60‑month range ₹118.12 – ₹530.65 · fair‑value band ₹318.01 – ₹814.60 · the ₹438.55 price screens below the ₹526.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Narmada Gelatines Limited manufactures and sells gelatine and related products in India and internationally. The company's products include ossein and di-calcium phosphate. It serves food and beverage, pharmaceutical, photography, biomedical, personal care, and other technical industries. The company was formerly known as Shaw Wallace Gelatines Ltd.
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Narmada Gelatines Limited manufactures and sells gelatine and related products in India and internationally. The company's products include ossein and di-calcium phosphate. It serves food and beverage, pharmaceutical, photography, biomedical, personal care, and other technical industries. The company was formerly known as Shaw Wallace Gelatines Ltd. and changed its name to Narmada Gelatines Limited in 2002. Narmada Gelatines Limited was incorporated in 1961 and is based in Jabalpur, India.
Stock analysis
NARMADA GELATINES LTD. (SHAWGELTIN) currently trades at ₹438.55, while our model-based Fair Value estimate is ₹526.24, implying the stock looks roughly 16.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹840.39 per share, and 19 of the 26 models we run sit above the ₹438.55 price.
Bear case: the Dividend Discount group reads lowest at ₹150.58, and 7 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹318.01 (bear) to ₹814.60 (bull), the price of ₹438.55 sits inside 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 71/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
NARMADA GELATINES LTD. reported revenue of ₹2.2B in FY2026 versus ₹1.6B in FY2022, a compound +8.2%/yr. Reported net income was ₹315M in FY2026, compounding +26.4%/yr from FY2022.
Key figures
Market cap ₹3.1B (≈ $31.7M) · P/E ratio 8.4 · P/S ratio 1.23 · EPS (TTM) ₹52.03 · Dividend yield 2.5% · Net margin 14.6% · Return on equity 23.7% · Return on assets (EBIT) 14.5%.
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 17% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at 20%, SHAWGELTIN screens cheaper than that median.
Fair Value models
Bear ₹318.01Fair Value ₹526.24Bull ₹814.60
Price ₹438.55 · Upside +20.0%
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.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.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+14.0%
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.
+4.1%
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.
+9.8%
Start year 2021 (pandemic)
Revenue growth 7 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.
+8.0%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+26.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.9%
Dividend (yield on the price)2.5%
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.5% → 18%
2026 sits 105% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +6.4% a year for the price.
Price, fair value, quality and upside side by side.
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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.Specialty Chemicals · 693 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+20.0% · Top 25%
Profitability
Return on equity (TTM)23.7% · Top 25%
Return on assets14.2% · Top 25%
Net margin (TTM)14.6% · Top 25%
Operating margin (TTM)20.8% · Top 25%
Growth and dividend
Revenue growth24.0% · Above median
Dividend yield (TTM)2.5% · Above median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is NARMADA GELATINES LTD. (SHAWGELTIN) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹526.24 versus a price of ₹438.55, about +20% upside (undervalued).
What is the fair value of SHAWGELTIN?
Our model-based fair value for NARMADA GELATINES LTD. is ₹526.24 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹438.55.
What is the quality score of SHAWGELTIN?
NARMADA GELATINES LTD. has a Quality Score of 71/100. 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 NARMADA GELATINES LTD. (SHAWGELTIN)?
Our model-based price target is the fair value of ₹526.24 (as of Oct 3, 2026) from 26 valuation models. Cautious scenario ₹318.01, optimistic scenario ₹814.60. It is a calculation from audited fundamentals, not an analyst target.
What is the NARMADA GELATINES LTD. stock forecast for 2026?
Our models put fair value at ₹526.24, about +20% upside versus a price of ₹438.55 (undervalued). Cautious scenario ₹318.01, optimistic scenario ₹814.60. The calculation is refreshed regularly with new filings.
What is the revenue of NARMADA GELATINES LTD. (SHAWGELTIN)?
NARMADA GELATINES LTD. reported trailing-twelve-month revenue of about ₹2.2B (latest available figure, as of Oct 3, 2026).
Does NARMADA GELATINES LTD. pay a dividend?
NARMADA GELATINES LTD. currently shows a dividend yield of about 2.51% relative to its recent price (as of Oct 3, 2026).
What growth is priced into NARMADA GELATINES LTD. (SHAWGELTIN)?
For today's price to be fair in a discounted-cash-flow model, NARMADA GELATINES LTD. would have to grow free cash flow by +10.8 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of SHAWGELTIN use?
Our models discount NARMADA GELATINES LTD. at 10.9 %: a base by market capitalisation (nano), damped by beta 0.37, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NARMADA GELATINES LTD. that is +10.8 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has NARMADA GELATINES LTD. (SHAWGELTIN) delivered so far?
Over the past 5 years revenue at NARMADA GELATINES LTD. grew +9.8 % a year. The price currently implies +10.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NARMADA GELATINES LTD. (SHAWGELTIN) growing?
The median revenue growth in the sector is +13.3 % a year. That is the yardstick for the growth priced into NARMADA GELATINES LTD. (+10.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NARMADA GELATINES LTD. (SHAWGELTIN)?
The free-cash-flow yield on the price is 5.59 %: that much free cash flow NARMADA GELATINES LTD. produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NARMADA GELATINES LTD. (SHAWGELTIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NARMADA GELATINES LTD. it is ₹526.24 per share (as of Oct 3, 2026), against a price of ₹438.55. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is NARMADA GELATINES LTD. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, SHAWGELTIN trades below its calculated fair value: price ₹438.55, fair value ₹526.24, a gap of about +20% (undervalued). 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 SHAWGELTIN?
No. The price is what the market pays today (₹438.55); the fair value is what the company's own numbers justify (₹526.24). For NARMADA GELATINES LTD. the two are ₹87.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is NARMADA GELATINES LTD. worth?
The market values NARMADA GELATINES LTD. at about ₹3.1B (market capitalisation, as of Oct 3, 2026). Per share that is ₹438.55; our models calculate a fair value of ₹526.24 per share.
What do the bullish and bearish scenarios say about SHAWGELTIN?
Our models span a range for NARMADA GELATINES LTD.: cautious scenario ₹318.01, base ₹526.24, optimistic ₹814.60 per share (as of Oct 3, 2026, price ₹438.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SHAWGELTIN?
NARMADA GELATINES LTD. trades at a price-to-earnings ratio of 8.4 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹526.24 is built from several models across several years. Other multiples: P/B 2.1, P/S 1.4, EV/EBITDA 7.5.
How solid is the balance sheet of NARMADA GELATINES LTD. (SHAWGELTIN)?
Balance-sheet figures for NARMADA GELATINES LTD. (as of Oct 3, 2026): return on equity 23.7%, debt of 0.03 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is SHAWGELTIN from its 52-week high?
NARMADA GELATINES LTD. trades at ₹438.55, about 17% below its 52-week high of ₹530.65 and 35% above the low of ₹325.65 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹526.24 is for.
Which stocks are comparable to NARMADA GELATINES LTD.?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, 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 NARMADA GELATINES LTD. stock attractive at the current price?
The data as of Oct 3, 2026: price ₹438.55, calculated fair value ₹526.24 (+20%), Quality Score 71/100, from 26 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 SHAWGELTIN calculated?
We run NARMADA GELATINES LTD. through 26 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 ₹526.24, 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 14.9 % above its aggregate fair value. NARMADA GELATINES LTD. currently trades 17 % below its own fair value, and the market average says nothing about that. 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 NARMADA GELATINES LTD. (SHAWGELTIN)?
The closing price on Oct 1, 2026 was ₹438.55. Our model-based fair value is ₹526.24, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NARMADA GELATINES LTD. right now?
A fairly wide model range (₹318.01 to ₹814.60) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of NARMADA GELATINES LTD.
How large is the market capitalisation of NARMADA GELATINES LTD. (SHAWGELTIN)?
The market capitalisation of NARMADA GELATINES LTD. is ₹3.1B (≈ $31.7M). 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 NARMADA GELATINES LTD. (SHAWGELTIN)?
The price-to-sales ratio of NARMADA GELATINES LTD. is 1.23 (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 NARMADA GELATINES LTD. (SHAWGELTIN)?
Earnings per share at NARMADA GELATINES LTD. are ₹52.03 (price ÷ EPS = P/E 8.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NARMADA GELATINES LTD. (SHAWGELTIN)?
The dividend yield of NARMADA GELATINES LTD. is 2.5% (payout 21.1%). 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 NARMADA GELATINES LTD. (SHAWGELTIN)?
The net margin of NARMADA GELATINES LTD. is 14.6% (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 NARMADA GELATINES LTD. (SHAWGELTIN)?
The return on equity (ROE) of NARMADA GELATINES LTD. is 23.7% (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 NARMADA GELATINES LTD. (SHAWGELTIN)?
On an EBIT basis the return on assets of NARMADA GELATINES LTD. is 14.5% (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 NARMADA GELATINES LTD. (SHAWGELTIN)?
The operating margin of NARMADA GELATINES LTD. is 20.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NARMADA GELATINES LTD. (SHAWGELTIN)?
Revenue at NARMADA GELATINES LTD. is growing +24.0% versus a year earlier (3y avg +4.1%). 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 NARMADA GELATINES LTD. (SHAWGELTIN)?
Earnings per share at NARMADA GELATINES LTD. are growing +76.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NARMADA GELATINES LTD. (SHAWGELTIN) carry?
The net debt of NARMADA GELATINES LTD. is ₹77.8M (fiscal year 2026, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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