Man Infraconstruction Limited (MANINFRA.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

+11.3%

₹119.70

vs ₹107.56 price

Levered DCF

₹74.57

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	15.47×	19.95×	26.21×	9.8×	17.92×	32.33×	-58.05×	23.25×
P/B	1.37×	3.2×	5.38×	2.32×	4.51×	1.53×	0.61×	1.41×
P/S	4.92×	5.09×	6.23×	1.37×	4.03×	2.48×	1.53×	2.63×
EV / EBITDA	8.88×	16.21×	18.39×	5.7×	9.44×	12.08×	28.37×	13.89×
Gross margin	40.2%	52.6%	47.4%	39.6%	46.3%	44.5%	35.8%	55.4%
Operating margin	18.5%	46.0%	37.6%	20.0%	25.1%	19.9%	-3.3%	26.5%
Net margin	31.8%	25.5%	23.8%	14.0%	22.5%	7.7%	-2.7%	11.3%
Current ratio	5.55×	6×	3.42×	2.3×	3.54×	2.58×	3.58×	3.78×
Debt / equity	0.03×	0.02×	0.09×	0.19×	0.65×	0.75×	0.6×	0.65×
Interest coverage	11.44×	34.57×	13.54×	6.35×	3.98×	1.43×	-0.16×	1.84×
Dividend yield	1.1%	0.6%	0.8%	1.3%	0.8%	2.3%	7.9%	6.2%
Payout ratio	17.5%	11.9%	20.0%	12.9%	14.4%	72.6%	-452.2%	145.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.9%	16.0%	20.5%	23.7%	25.2%	4.7%	-1.1%	6.0%
Return on invested capital	3.6%	21.0%	26.0%	21.2%	13.4%	4.2%	-0.3%	4.4%
Return on assets	7.2%	13.0%	13.9%	14.5%	12.6%	2.2%	-0.5%	3.1%
Free cash flow yield	1.9%	2.3%	7.3%	17.4%	8.9%	7.6%	21.5%	-1.0%
Earnings yield	6.5%	5.0%	3.8%	10.2%	5.6%	3.1%	-1.7%	4.3%
Enterprise value	₹27.3B	₹52.5B	₹77.6B	₹26.2B	₹42.3B	₹14.6B	₹7.5B	₹13.9B
Net debt / EBITDA	-1.21×	-1.19×	-0.27×	0.2×	0.78×	3.55×	12.91×	4.11×
Cash conversion cycle (days)	1,141	576	257	186	373	617	1,117	981