Manorama Industries Limited (MANORAMA.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

-805.0%

-₹13,039.73

vs ₹1,849.70 price

Levered DCF

-₹10,700.73

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	31.39×	56.96×	61.72×	41.09×	49.44×	78.31×	48.97×	64.12×
P/B	10.04×	13.66×	7.35×	4.1×	4.56×	8.4×	9.61×	11.77×
P/S	4.94×	8.14×	5.43×	3.49×	4.4×	6.14×	6.62×	12.02×
EV / EBITDA	19.38×	35.74×	32.56×	21.58×	27.17×	32.05×	27.47×	42.27×
Gross margin	38.4%	48.4%	44.1%	38.5%	38.7%	39.2%	46.8%	53.0%
Operating margin	23.8%	41.9%	13.1%	13.0%	11.4%	12.3%	19.6%	26.9%
Net margin	15.7%	14.2%	8.8%	8.5%	8.7%	7.3%	12.6%	18.7%
Current ratio	1.95×	1.67×	1.62×	2.82×	2.95×	1.97×	1.44×	3.97×
Debt / equity	0.53×	1.05×	1.03×	0.37×	0.4×	0.59×	0.94×	0.24×
Interest coverage	8.6×	8.25×	3.01×	5.26×	5.5×	2.33×	3.71×	6.02×
Dividend yield	0.1%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	1.7%	2.2%	5.9%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	32.0%	23.9%	11.9%	10.0%	9.0%	10.0%	18.3%	18.3%
Return on invested capital	22.6%	25.6%	6.6%	7.6%	6.0%	6.8%	10.6%	15.7%
Return on assets	18.1%	11.2%	5.4%	7.0%	6.1%	5.7%	8.4%	14.4%
Free cash flow yield	2.5%	-1.4%	-7.8%	0.7%	-7.6%	2.4%	-7.4%	-2.3%
Earnings yield	3.2%	1.7%	1.6%	2.4%	2.0%	1.2%	1.9%	1.6%
Enterprise value	₹70.1B	₹66.6B	₹28.2B	₹13.3B	₹12.8B	₹13.1B	₹13.4B	₹12B
Net debt / EBITDA	0.72×	2.06×	3.99×	1.75×	1.26×	2.08×	2.43×	-0.89×
Cash conversion cycle (days)	289	540	536	291	403	390	493	331