Mahamaya Steel Industries Limited (MAHASTEEL.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

-88.8%

₹155.14

vs ₹1,386.20 price

Levered DCF

₹91.36

After debt service

Piotroski score

3 / 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	162.63×	55.81×	24.83×	15.36×	21.13×	131.35×	37.16×	37.31×
P/B	9.83×	2.87×	1.18×	0.62×	0.8×	1.03×	0.91×	2.28×
P/S	1.77×	0.53×	0.21×	0.13×	0.21×	0.46×	0.25×	0.47×
EV / EBITDA	68.44×	21.66×	10.02×	7.66×	7.76×	14.77×	10.71×	13.58×
Gross margin	17.2%	18.8%	4.0%	2.8%	5.8%	8.1%	8.0%	4.8%
Operating margin	1.7%	1.4%	1.2%	1.2%	3.1%	2.8%	2.7%	4.3%
Net margin	1.1%	0.9%	0.9%	0.8%	1.0%	0.4%	0.7%	1.3%
Current ratio	1.41×	1.49×	1.71×	1.78×	2.21×	1.59×	1.31×	1.28×
Debt / equity	0.37×	0.31×	0.29×	0.32×	0.35×	0.73×	0.8×	1.05×
Interest coverage	2.96×	2.79×	1.83×	2.35×	3.05×	1.1×	1.07×	1.77×
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	6.0%	5.1%	4.8%	4.1%	3.8%	0.8%	2.5%	6.1%
Return on invested capital	4.9%	4.1%	3.8%	3.0%	6.2%	1.9%	5.2%	8.0%
Return on assets	3.6%	3.1%	2.9%	2.4%	2.4%	0.4%	1.1%	2.5%
Free cash flow yield	-0.5%	-0.1%	3.1%	-11.3%	37.8%	-5.9%	34.3%	6.7%
Earnings yield	0.6%	1.8%	4.0%	6.5%	4.7%	0.8%	2.7%	2.7%
Enterprise value	₹16.2B	₹4.7B	₹2.1B	₹1.3B	₹1.3B	₹1.9B	₹1.7B	₹3.2B
Net debt / EBITDA	2.45×	2.08×	1.91×	2.6×	1.76×	6×	4.99×	4.29×
Cash conversion cycle (days)	51	43	43	46	48	139	69	67