Maha Rashtra Apex Corporation Limited (MAHAPEXLTD.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

-267.1%

-₹78.74

vs ₹47.12 price

Levered DCF

-₹152.13

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

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	-10.24×	0.45×	-4.74×	-2.92×	97.68×	2.74×	5.83×	16.56×
P/B	0.15×	0.33×	0.42×	1.08×	0.87×	0.62×	0.69×	1.64×
P/S	14.83×	112.09×	22.02×	57.43×	33.6×	30.18×	19.75×	56.55×
EV / EBITDA	-14.03×	0.44×	-5.07×	-40.76×	63.73×	2.71×	5.39×	14.98×
Gross margin	71.5%	14.0%	77.5%	9.7%	43.9%	39.4%	26.1%	-0.4%
Operating margin	54.8%	-109.2%	55.1%	147.8%	59.6%	50.6%	-22.4%	-78.0%
Net margin	-144.8%	24669.0%	-464.3%	-1966.1%	34.5%	1099.8%	338.9%	341.7%
Current ratio	0.17×	0.28×	0.19×	0.15×	0.16×	0.14×	0.11×	0.07×
Debt / equity	0.04×	0×	0.01×	0×	0×	0×	0×	0.06×
Interest coverage	0×	-4,953.33×	328.96×	669.77×	118.88×	51.05×	-2.35×	-2.12×
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	-1.5%	72.1%	-8.8%	-37.1%	0.9%	22.6%	11.9%	9.9%
Return on invested capital	0.5%	-0.3%	1.0%	2.6%	1.1%	1.0%	-0.8%	-2.1%
Return on assets	-1.3%	61.8%	-7.4%	-20.0%	0.5%	12.9%	6.0%	4.8%
Free cash flow yield	-0.1%	-3.4%	-4.6%	-6.3%	-1.8%	0.9%	5.7%	-1.3%
Earnings yield	-9.8%	220.1%	-21.1%	-34.2%	1.0%	36.4%	17.2%	6.0%
Enterprise value	₹856.3M	₹1.5B	₹2B	₹1.2B	₹1.3B	₹873.8M	₹761.3M	₹1.7B
Net debt / EBITDA	-2.51×	-0.01×	-0.14×	0.97×	-2.34×	-0.16×	-0.26×	0.05×
Cash conversion cycle (days)	-15	36	-97	18	32	96	46	-33