Makers Laboratories Limited (MAKERSL.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

-119.2%

-₹39.73

vs ₹207.15 price

Levered DCF

-₹291.63

After debt service

Piotroski score

4 / 9

Average

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	33.88×	10.7×	-11.18×	-12.36×	18.04×	-373.83×	-124.17×	11.63×
P/B	1.09×	1.12×	1.11×	0.85×	1.51×	2.27×	0.34×	0.68×
P/S	0.57×	0.65×	0.67×	0.58×	0.71×	1.8×	0.3×	0.61×
EV / EBITDA	5.78×	4.29×	45.32×	14.64×	4.99×	16.38×	9.33×	6.85×
Gross margin	39.1%	39.6%	36.8%	38.7%	41.4%	46.1%	39.3%	33.5%
Operating margin	7.3%	3.0%	-3.6%	-0.9%	11.9%	5.2%	2.0%	2.2%
Net margin	1.7%	6.2%	-6.0%	-4.7%	3.9%	-0.5%	-0.2%	5.3%
Current ratio	2.56×	3.22×	1.88×	2.3×	1.91×	1.84×	1.23×	2.02×
Debt / equity	0.08×	0.07×	0.31×	0.19×	0.33×	0.31×	0.29×	0.15×
Interest coverage	13.24×	2.87×	-2.8×	-0.64×	8.86×	2.19×	1.49×	3.96×
Dividend yield	0.0%	0.0%	0.9%	1.1%	0.7%	0.0%	3.9%	2.0%
Payout ratio	0.0%	0.0%	-10.0%	-13.2%	12.6%	0.0%	-476.7%	23.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.2%	10.6%	-9.9%	-6.9%	8.4%	-0.6%	-0.3%	5.9%
Return on invested capital	5.3%	2.3%	-2.8%	-0.7%	8.9%	1.6%	-0.9%	1.7%
Return on assets	1.4%	5.1%	-3.9%	-3.1%	3.4%	-0.2%	-0.2%	4.1%
Free cash flow yield	12.9%	-11.0%	-8.3%	-36.7%	9.6%	-0.3%	-28.6%	-12.4%
Earnings yield	3.0%	9.5%	-8.9%	-8.1%	5.5%	-0.3%	-0.8%	8.6%
Enterprise value	₹851.7M	₹836.5M	₹891.2M	₹714.2M	₹1.1B	₹1.3B	₹274.5M	₹327.2M
Net debt / EBITDA	0.37×	0.25×	9.7×	2.6×	0.8×	1.3×	4.14×	0.88×
Cash conversion cycle (days)	159	195	157	200	162	227	117	158