Man Industries (India) Limited (MANINDS.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

-111.4%

-₹84.73

vs ₹744.45 price

Levered DCF

₹208.41

After debt service

Piotroski score

3 / 9

Weak

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	13.46×	11.84×	21.86×	8.33×	5.38×	4.51×	4.22×	7.06×
P/B	1.1×	1.17×	1.64×	0.49×	0.58×	0.54×	0.31×	0.59×
P/S	0.64×	0.54×	0.73×	0.25×	0.26×	0.22×	0.14×	0.19×
EV / EBITDA	4.84×	6.57×	9.36×	4.66×	2.4×	3.11×	2.39×	3.39×
Gross margin	32.7%	22.0%	14.3%	10.2%	13.3%	26.0%	20.5%	16.2%
Operating margin	10.1%	19.8%	6.0%	4.2%	6.4%	7.7%	7.3%	6.1%
Net margin	4.8%	4.4%	3.3%	3.0%	4.7%	4.8%	3.2%	2.7%
Current ratio	1.36×	1.39×	1.92×	2.05×	1.45×	1.33×	1.15×	1.19×
Debt / equity	0.3×	0.3×	0.23×	0.26×	0.06×	0.35×	0.39×	0.35×
Interest coverage	2.37×	6.96×	2.14×	2.28×	3.66×	3.04×	2.69×	2.04×
Dividend yield	0.0%	0.0%	0.5%	2.1%	0.0%	2.5%	7.2%	2.1%
Payout ratio	0.0%	0.0%	11.4%	17.7%	0.0%	11.3%	30.5%	14.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.2%	9.5%	7.5%	5.9%	10.8%	12.1%	7.4%	8.4%
Return on invested capital	9.4%	24.1%	7.8%	4.5%	10.0%	10.2%	9.9%	8.9%
Return on assets	3.4%	4.1%	4.4%	3.9%	5.6%	5.6%	3.0%	3.7%
Free cash flow yield	1.7%	-4.6%	6.0%	-58.3%	74.1%	-15.8%	86.9%	26.4%
Earnings yield	7.4%	8.1%	4.6%	12.0%	18.6%	22.2%	23.7%	14.2%
Enterprise value	₹22.7B	₹19.8B	₹24.7B	₹8.2B	₹5.2B	₹7.3B	₹3.9B	₹6.5B
Net debt / EBITDA	-0.06×	0.32×	0.63×	1.49×	-0.11×	1.18×	0.96×	1.24×
Cash conversion cycle (days)	130	102	61	102	2	87	62	43