Mahindra EPC Irrigation Limited (MAHEPC.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

-271.3%

-₹169.23

vs ₹98.78 price

Levered DCF

-₹112.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.59

Grey zone

Rating

Overall 3 / 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	20.42×	46.27×	207.92×	-19.5×	-31.95×	20.93×	8.97×	35.58×
P/B	1.4×	1.93×	2.1×	1.47×	1.44×	2.13×	1.21×	2.72×
P/S	0.83×	1.22×	1.32×	1.14×	1.19×	1.56×	0.73×	0.78×
EV / EBITDA	14.1×	21.85×	43.05×	-23.57×	-55.62×	13.41×	5.51×	19.43×
Gross margin	42.9%	53.9%	46.4%	18.3%	36.8%	47.5%	52.4%	72.8%
Operating margin	5.9%	3.8%	1.1%	-7.5%	-3.7%	9.4%	11.9%	3.3%
Net margin	4.1%	2.6%	0.6%	-5.9%	-3.7%	7.5%	8.1%	2.2%
Current ratio	1.74×	2.13×	2.35×	2.2×	1.96×	2.44×	2.05×	2.31×
Debt / equity	0.24×	0.15×	0.1×	0.09×	0.14×	0×	0.08×	0.02×
Interest coverage	5.87×	4.5×	1.08×	-7.14×	-4.06×	27.83×	20.7×	15.61×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.3%	0.8%	1.6%	0.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-42.3%	17.6%	14.3%	14.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.9%	4.2%	1.0%	-7.5%	-4.5%	10.2%	13.5%	7.6%
Return on invested capital	6.0%	3.5%	1.1%	-6.8%	-2.9%	9.7%	13.1%	7.6%
Return on assets	3.6%	2.5%	0.6%	-4.9%	-2.8%	7.1%	8.7%	5.2%
Free cash flow yield	-8.3%	-1.9%	-0.3%	7.0%	-9.5%	2.4%	3.2%	0.6%
Earnings yield	4.9%	2.2%	0.5%	-5.1%	-3.1%	4.8%	11.2%	2.8%
Enterprise value	₹3B	₹3.6B	₹3.6B	₹2.5B	₹2.8B	₹3.9B	₹2.1B	₹4.1B
Net debt / EBITDA	2.1×	1.45×	1.86×	-1.01×	-5.04×	-0.15×	0.05×	0.14×
Cash conversion cycle (days)	135	145	162	174	174	122	86	20