Maheshwari Logistics Limited (MAHESHWARI.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

-176.8%

-₹53.03

vs ₹69.01 price

Levered DCF

-₹192.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	7.63×	9.27×	13.81×	17.47×	17.99×	23.76×	14.14×	21.08×
P/B	0.6×	0.85×	1.05×	1.42×	1.99×	1.59×	1.61×	2.72×
P/S	0.12×	0.17×	0.18×	0.21×	0.3×	0.33×	0.27×	0.31×
EV / EBITDA	5.63×	5.64×	8.87×	8.37×	9.83×	8.32×	7.27×	9.93×
Gross margin	16.1%	17.7%	20.1%	5.3%	19.3%	6.6%	6.7%	5.4%
Operating margin	4.8%	5.4%	4.3%	3.4%	3.9%	4.6%	5.3%	4.0%
Net margin	1.5%	1.9%	1.3%	1.2%	1.7%	1.4%	1.9%	1.5%
Current ratio	1.2×	1.33×	1.33×	1.47×	1.59×	1.75×	1.51×	1.21×
Debt / equity	1.28×	1.35×	1.38×	1.24×	1.14×	1.02×	1.14×	1.21×
Interest coverage	1.51×	1.62×	1.59×	1.73×	2.16×	1.6×	1.87×	2.28×
Dividend yield	0.0%	0.0%	0.0%	0.6%	0.5%	0.0%	0.9%	0.2%
Payout ratio	0.0%	0.0%	0.0%	11.0%	8.6%	0.0%	12.1%	4.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.8%	9.1%	7.6%	8.1%	11.1%	6.7%	11.4%	12.9%
Return on invested capital	7.6%	8.1%	7.7%	7.5%	8.5%	7.8%	10.3%	10.4%
Return on assets	2.6%	3.0%	2.5%	2.8%	4.0%	2.5%	4.1%	4.0%
Free cash flow yield	-42.4%	15.7%	-9.8%	1.2%	-8.7%	18.1%	5.5%	3.9%
Earnings yield	13.1%	10.8%	7.2%	5.7%	5.6%	4.2%	7.1%	4.7%
Enterprise value	₹4B	₹4.1B	₹4.4B	₹4.4B	₹4.8B	₹3.4B	₹3.5B	₹4.5B
Net debt / EBITDA	3.81×	3.36×	5.02×	3.88×	3.49×	2.96×	2.95×	2.95×
Cash conversion cycle (days)	84	78	71	56	53	72	55	30