Maan Aluminium Limited (MAANALU.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

-64.9%

₹31.74

vs ₹90.40 price

Levered DCF

-₹13.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 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	51.44×	27.9×	23.55×	4.71×	8.3×	7.02×	2.51×	7.26×
P/B	2.44×	2.44×	4.73×	1.81×	2.16×	1.62×	0.38×	1.54×
P/S	0.83×	0.54×	0.81×	0.29×	0.32×	0.26×	0.04×	0.1×
EV / EBITDA	22.44×	17.28×	15.36×	3.81×	6.71×	6.34×	3.15×	5.34×
Gross margin	9.2%	9.1%	12.3%	15.7%	10.5%	15.3%	6.6%	3.8%
Operating margin	1.6%	2.4%	10.7%	8.3%	5.2%	5.4%	2.5%	2.5%
Net margin	1.6%	1.9%	3.4%	6.1%	3.8%	3.7%	1.4%	1.4%
Current ratio	3.03×	1.83×	2.55×	1.9×	1.55×	1.35×	1.71×	1.29×
Debt / equity	0.2×	0.51×	0.2×	0.43×	0.78×	1.14×	0.61×	1.22×
Interest coverage	2.34×	6.02×	27.68×	13.62×	6.15×	5.64×	2.79×	2.52×
Dividend yield	0.0%	0.0%	0.0%	1.7%	0.7%	0.6%	4.3%	1.2%
Payout ratio	0.0%	0.0%	0.0%	8.1%	6.2%	4.6%	10.8%	8.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.7%	8.7%	20.1%	38.4%	26.0%	23.1%	15.1%	21.1%
Return on invested capital	2.8%	5.1%	38.2%	26.5%	14.5%	11.6%	12.8%	10.4%
Return on assets	3.6%	5.2%	14.5%	22.2%	12.8%	9.2%	8.2%	7.3%
Free cash flow yield	-0.9%	-12.9%	3.2%	7.9%	1.7%	-29.6%	136.0%	-16.6%
Earnings yield	1.9%	3.6%	4.2%	21.2%	12.1%	14.2%	39.8%	13.7%
Enterprise value	₹6.9B	₹5.3B	₹8B	₹2.9B	₹2.5B	₹1.7B	₹494.4M	₹1.2B
Net debt / EBITDA	0.53×	2.95×	0.62×	0.73×	1.77×	2.49×	1.94×	2.36×
Cash conversion cycle (days)	63	66	46	54	65	86	36	41