Mahindra Logistics Limited (MAHLOG.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

+169.9%

₹1,099.39

vs ₹407.40 price

Levered DCF

₹700.97

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.62

Safe zone

Rating

B-

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	1,331.2×	-48.9×	-51.2×	88.6×	188×	126.3×	26.83×	39.14×
P/B	2.59×	4×	5.69×	4.14×	6.05×	6.67×	2.71×	6.73×
P/S	0.44×	0.29×	0.51×	0.45×	0.8×	1.16×	0.43×	0.87×
EV / EBITDA	9.3×	8.53×	14.03×	11.01×	18.07×	25.93×	9.18×	21.01×
Gross margin	89.9%	3.1%	3.1%	3.9%	3.2%	3.9%	4.5%	5.0%
Operating margin	1.4%	1.0%	0.6%	1.4%	1.2%	1.4%	2.5%	3.4%
Net margin	0.0%	-0.6%	-1.0%	0.5%	0.4%	0.9%	1.6%	2.2%
Current ratio	1.16×	1.02×	0.93×	0.97×	1.11×	1.32×	1.34×	1.45×
Debt / equity	0.55×	1.98×	1.5×	1.48×	0.74×	0.47×	0.37×	0.08×
Interest coverage	1.31×	0.74×	0.48×	1.41×	1.64×	2.35×	4.82×	37.59×
Dividend yield	0.6%	1.0%	0.6%	0.6%	0.5%	0.3%	1.0%	0.4%
Payout ratio	787.3%	-50.2%	-32.9%	54.8%	102.2%	35.8%	28.1%	15.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.2%	-8.2%	-11.1%	4.7%	3.2%	5.3%	10.1%	17.2%
Return on invested capital	1.7%	4.4%	2.5%	4.0%	2.8%	4.1%	7.6%	15.2%
Return on assets	0.1%	-1.4%	-2.2%	1.0%	0.9%	1.8%	3.9%	7.1%
Free cash flow yield	3.8%	9.3%	5.6%	2.1%	2.9%	5.9%	1.6%	1.8%
Earnings yield	0.1%	-2.0%	-2.0%	1.1%	0.5%	0.8%	3.7%	2.6%
Enterprise value	₹35.9B	₹25.6B	₹35.2B	₹30.3B	₹35.8B	₹38.6B	₹15.8B	₹33.3B
Net debt / EBITDA	1.41×	2.68×	2.85×	2.57×	1.36×	0.48×	0.59×	-0.11×
Cash conversion cycle (days)	-543	1	-1	-3	-3	4	15	-60