Maharashtra Seamless Limited (MAHSEAMLES.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

+387.0%

₹2,636.66

vs ₹541.45 price

Levered DCF

₹1,973.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	10.7×	12.67×	12.49×	6.27×	5.34×	18.8×	15.46×	13.84×
P/B	1.09×	1.55×	2.07×	1×	0.93×	0.56×	0.4×	1.06×
P/S	1.61×	1.87×	2.2×	0.84×	0.88×	0.8×	0.5×	1.09×
EV / EBITDA	7.07×	8.79×	8.68×	4.41×	6.29×	7.19×	7.61×	7.81×
Gross margin	31.1%	32.8%	38.0%	34.8%	17.1%	18.7%	24.1%	24.3%
Operating margin	12.2%	15.6%	20.7%	31.9%	11.3%	15.2%	17.5%	19.7%
Net margin	15.0%	14.8%	17.6%	13.4%	16.4%	4.2%	3.3%	7.8%
Current ratio	14.17×	16.34×	8.4×	5.9×	3.38×	2.05×	1.89×	3.97×
Debt / equity	0×	0×	0×	0.05×	0.18×	0.28×	0.35×	0.34×
Interest coverage	221.35×	296.86×	132.13×	47.59×	10.57×	6.3×	7.08×	15.15×
Dividend yield	1.8%	1.4%	0.6%	0.7%	0.6%	0.9%	3.7%	1.2%
Payout ratio	19.1%	17.2%	7.0%	4.4%	3.4%	17.3%	58.0%	17.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.2%	12.3%	16.6%	16.0%	17.4%	3.0%	2.6%	7.6%
Return on invested capital	5.8%	9.4%	14.1%	28.1%	9.9%	5.4%	7.0%	6.3%
Return on assets	9.1%	11.1%	14.4%	13.1%	12.8%	1.8%	1.6%	4.9%
Free cash flow yield	10.9%	6.7%	8.5%	18.7%	-8.0%	23.2%	-7.5%	-6.5%
Earnings yield	9.3%	7.9%	8.0%	16.0%	18.7%	5.3%	6.5%	7.2%
Enterprise value	₹74.4B	₹98B	₹118.3B	₹49.8B	₹43.3B	₹27B	₹23.6B	₹42.4B
Net debt / EBITDA	-0.06×	-0.04×	-0.04×	0.17×	0.93×	2.28×	3.42×	1.84×
Cash conversion cycle (days)	145	168	175	169	145	190	87	187