Mangalam Cement Limited (MANGLMCEM.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

-55.4%

₹391.13

vs ₹877.15 price

Levered DCF

-₹479.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	16.35×	47.23×	33.5×	42.6×	13.72×	8.26×	5.28×	-73.51×
P/B	2.16×	2.5×	2.47×	0.97×	1.44×	1.16×	0.7×	1.42×
P/S	1.2×	1.27×	1.16×	0.41×	0.68×	0.59×	0.33×	0.6×
EV / EBITDA	11.86×	11.87×	11.57×	9.45×	7.09×	5.12×	4.29×	19.05×
Gross margin	45.5%	41.8%	51.1%	32.1%	51.9%	42.3%	57.9%	33.9%
Operating margin	7.7%	4.7%	7.6%	3.2%	10.0%	13.7%	12.3%	1.0%
Net margin	7.3%	2.7%	3.5%	1.0%	5.0%	7.2%	6.2%	-0.8%
Current ratio	0.72×	0.82×	0.85×	0.86×	1.04×	1.05×	0.98×	0.88×
Debt / equity	0.91×	0.74×	0.75×	0.82×	0.85×	0.95×	1.02×	1.03×
Interest coverage	2.12×	1.13×	1.93×	0.87×	2.43×	2.59×	2.45×	0.25×
Dividend yield	2.6%	0.2%	0.2%	0.6%	0.4%	0.3%	0.4%	0.2%
Payout ratio	42.4%	9.2%	6.9%	24.1%	5.2%	2.9%	2.1%	-16.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.2%	5.3%	7.4%	2.3%	10.5%	14.0%	13.2%	-1.9%
Return on invested capital	6.7%	3.0%	4.9%	2.3%	6.7%	8.5%	7.6%	0.6%
Return on assets	5.3%	2.1%	2.9%	0.9%	4.0%	5.0%	4.8%	-0.7%
Free cash flow yield	-11.7%	0.2%	4.2%	1.6%	6.0%	20.1%	12.2%	-2.5%
Earnings yield	6.1%	2.1%	3.0%	2.3%	7.3%	12.1%	19.0%	-1.4%
Enterprise value	₹28.3B	₹25.9B	₹25.7B	₹13B	₹16.3B	₹13.2B	₹9.2B	₹12.3B
Net debt / EBITDA	3.04×	2.11×	2.57×	4.15×	2.45×	2.13×	2.43×	7.99×
Cash conversion cycle (days)	52	71	78	48	80	92	74	90