Madhav Marbles and Granites Limited (MADHAV.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

-55.8%

₹13.96

vs ₹31.57 price

Levered DCF

₹118.99

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 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	70.32×	-54.16×	-24.88×	-17.35×	-9.09×	46.36×	8.1×	8.53×
P/B	0.22×	0.3×	0.29×	0.28×	0.36×	0.33×	0.13×	0.31×
P/S	0.89×	1.19×	0.91×	0.74×	0.87×	0.69×	0.28×	0.51×
EV / EBITDA	-15.62×	16.77×	18.56×	9.48×	9.54×	8.68×	4.39×	4.86×
Gross margin	2.3%	40.8%	3.1%	41.8%	43.5%	39.8%	40.5%	53.9%
Operating margin	-16.5%	-8.6%	-9.4%	-8.8%	-5.0%	3.6%	-3.1%	3.3%
Net margin	1.3%	-2.2%	-3.7%	-4.3%	-9.6%	1.5%	3.3%	6.0%
Current ratio	4.07×	3.5×	3.35×	4.25×	3.9×	4.5×	4.92×	3×
Debt / equity	0.06×	0.09×	0.12×	0.08×	0.06×	0.09×	0.17×	0.15×
Interest coverage	-3.46×	-1.83×	-2.1×	-4.24×	-3.15×	2.55×	-1.49×	1.97×
Dividend yield	0.0%	0.0%	0.0%	0.6%	1.0%	0.0%	1.3%	0.6%
Payout ratio	0.0%	0.0%	0.0%	-11.1%	-8.8%	0.0%	11.2%	4.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.3%	-0.5%	-1.2%	-1.6%	-4.0%	0.7%	1.5%	3.6%
Return on invested capital	-1.5%	-2.0%	-2.7%	-2.9%	-1.9%	1.5%	-0.8%	1.3%
Return on assets	0.3%	-0.5%	-1.0%	-1.4%	-3.5%	0.6%	1.2%	2.8%
Free cash flow yield	17.5%	4.8%	-16.4%	52.6%	42.4%	18.7%	-109.7%	-20.7%
Earnings yield	1.4%	-1.8%	-4.0%	-5.8%	-11.0%	2.1%	11.9%	11.7%
Enterprise value	₹338.9M	₹481.4M	₹510M	₹444.7M	₹543.3M	₹506.9M	₹386.5M	₹569.7M
Net debt / EBITDA	-3.01×	3.94×	5.44×	2×	1.39×	1.36×	2.48×	1.51×
Cash conversion cycle (days)	488	580	370	436	399	297	324	323