Madhav Infra Projects Limited (MADHAVIPL.BO) 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

+151.4%

₹17.10

vs ₹6.80 price

Levered DCF

₹15.27

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.73

Distress zone

Rating

Overall 4 / 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	6.88×	11.67×	13.11×	3.06×	20.71×	-7.54×	33×	21.8×
P/B	0.79×	1.42×	1.51×	0.62×	0.94×	0.73×	0.89×	0.88×
P/S	0.38×	0.49×	0.62×	0.2×	0.28×	0.35×	0.62×	0.34×
EV / EBITDA	4.04×	5.01×	7.65×	3.29×	6.34×	8.8×	6.05×	5.53×
Gross margin	13.0%	15.7%	11.8%	10.9%	16.8%	22.2%	35.8%	33.4%
Operating margin	10.5%	8.4%	9.5%	13.5%	7.7%	5.2%	26.5%	12.9%
Net margin	5.5%	4.2%	4.7%	6.6%	1.4%	-4.6%	1.8%	1.6%
Current ratio	1.61×	1.4×	1.8×	1.54×	2.13×	1.69×	1.62×	1.42×
Debt / equity	0.69×	0.75×	0.81×	1.24×	1.6×	1.94×	2×	2.3×
Interest coverage	2.08×	1.87×	1.84×	2.74×	1.25×	0.44×	1.58×	1.08×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.4%	12.2%	11.5%	20.4%	4.6%	-9.7%	2.6%	4.0%
Return on invested capital	9.6%	10.9%	11.0%	13.3%	6.4%	2.7%	2.8%	7.5%
Return on assets	4.5%	4.0%	4.3%	5.9%	1.3%	-2.5%	0.8%	0.9%
Free cash flow yield	3.3%	37.8%	13.2%	6.0%	-7.1%	78.3%	-7.8%	26.1%
Earnings yield	14.5%	8.6%	7.6%	32.6%	4.9%	-13.3%	2.9%	4.6%
Enterprise value	₹2.7B	₹3.6B	₹4.3B	₹2.8B	₹3.4B	₹3.4B	₹4.1B	₹4B
Net debt / EBITDA	1.2×	0.87×	2.58×	2.09×	3.97×	6.33×	4.18×	3.97×
Cash conversion cycle (days)	67	18	51	66	38	185	304	160