Mahaveer Infoway Limited (MAHAVEER.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

-146.3%

-₹4.74

vs ₹10.25 price

Levered DCF

-₹10.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

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	7.72×	53.79×	-12.3×	-9.74×	18.16×	-3.29×	-3.24×	-2.31×
P/B	1.06×	1.03×	1.22×	0.7×	0.8×	0.34×	0.31×	0.29×
P/S	1.89×	1.52×	0.89×	0.74×	1.25×	1.25×	0.71×	0.93×
EV / EBITDA	6.18×	12.02×	-44.3×	-134.99×	12.77×	-24.65×	-29.14×	-19.99×
Gross margin	27.4%	25.4%	21.4%	27.4%	32.5%	5.8%	16.3%	-29.9%
Operating margin	-12.8%	0.9%	-0.8%	28.5%	27.4%	-7.5%	-10.9%	-43.0%
Net margin	24.5%	2.9%	-7.2%	-7.7%	6.9%	-37.8%	-22.0%	-40.4%
Current ratio	2.88×	1.75×	1.64×	1.57×	1.68×	1.67×	1.5×	1.56×
Debt / equity	0.29×	0.24×	0.44×	0.31×	0.42×	0.64×	0.72×	0.61×
Interest coverage	-16.67×	0.18×	-0.33×	7.5×	5.06×	-0.4×	-0.76×	-1.99×
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	13.7%	2.0%	-9.8%	-7.2%	4.4%	-10.3%	-9.7%	-12.5%
Return on invested capital	-4.0%	0.2%	-0.8%	20.5%	11.0%	-1.2%	-2.4%	-8.2%
Return on assets	9.8%	1.1%	-5.2%	-3.6%	2.5%	-5.9%	-5.4%	-6.9%
Free cash flow yield	-10.8%	-2.5%	-9.6%	20.1%	28.9%	-32.2%	20.0%	-11.3%
Earnings yield	13.0%	1.9%	-8.1%	-10.3%	5.5%	-30.4%	-30.9%	-43.3%
Enterprise value	₹62.6M	₹50.7M	₹65M	₹38.9M	₹57.2M	₹44.1M	₹51.4M	₹49M
Net debt / EBITDA	1.3×	2.18×	-11.51×	-28.85×	4.28×	-16.03×	-20.24×	-13.54×
Cash conversion cycle (days)	681	691	330	525	742	1,350	859	1,028