HMA Agro Industries Limited (HMAAGRO.NS) 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

+439.6%

₹136.41

vs ₹25.28 price

Levered DCF

-₹116.62

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.56×	17.59×	26.4×	23.15×	24.2×	3×	4.77×	9.42×
P/B	1.15×	1.91×	3.7×	5.87×	7.43×	0.84×	1.16×	1.54×
P/S	0.16×	0.29×	0.55×	0.87×	0.9×	0.13×	0.09×	0.08×
EV / EBITDA	5.94×	10.6×	16.35×	13.43×	17.26×	3.21×	3.39×	14.08×
Gross margin	9.9%	10.9%	8.2%	0.5%	13.3%	20.0%	19.4%	16.0%
Operating margin	1.8%	1.3%	2.4%	4.9%	3.7%	15.8%	3.1%	1.9%
Net margin	2.4%	1.7%	2.1%	3.8%	3.7%	4.2%	1.9%	1.1%
Current ratio	1.26×	1.29×	1.45×	1.27×	1.31×	1.27×	1.12×	1.11×
Debt / equity	0.9×	0.68×	0.69×	0.07×	0.88×	0.7×	0.92×	0.93×
Interest coverage	3.68×	2.89×	8.34×	11.96×	11.31×	40.2×	56.54×	13.79×
Dividend yield	1.4%	1.0%	0.6%	0.3%	0.0%	0.0%	0.1%	0.0%
Payout ratio	9.1%	17.3%	14.9%	7.9%	0.0%	0.0%	0.6%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.5%	11.0%	14.0%	25.4%	30.6%	27.5%	24.5%	22.0%
Return on invested capital	5.3%	3.5%	7.0%	13.3%	19.8%	42.7%	15.1%	12.1%
Return on assets	6.8%	5.1%	7.0%	12.1%	13.4%	12.1%	9.1%	5.7%
Free cash flow yield	-12.9%	5.3%	-7.7%	-1.4%	-0.0%	3.5%	6.6%	6.5%
Earnings yield	15.2%	5.8%	3.8%	4.3%	4.1%	32.8%	21.0%	14.3%
Enterprise value	₹16.9B	₹19.5B	₹30.3B	₹27.5B	₹30.9B	₹3.5B	₹3.5B	₹3.4B
Net debt / EBITDA	2.13×	2.4×	2.03×	-0.18×	1.74×	1.19×	1.29×	5.14×
Cash conversion cycle (days)	72	56	46	415	43	49	41	13