Maral Overseas Limited (MARALOVER.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

-229.2%

-₹74.39

vs ₹57.57 price

Levered DCF

-₹121.79

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.06

Grey zone

Rating

B+

Overall 3 / 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	44.82×	-10.75×	-29.55×	-12.19×	5.09×	10.71×	-2.45×	13.52×
P/B	1.32×	2.39×	2.19×	1.38×	2.06×	1.38×	0.45×	1.09×
P/S	0.15×	0.25×	0.31×	0.19×	0.32×	0.22×	0.06×	0.15×
EV / EBITDA	7.22×	31.11×	12.23×	19.42×	4.1×	5.29×	11.48×	6.98×
Gross margin	19.8%	37.9%	30.8%	2.7%	33.5%	34.7%	28.2%	28.8%
Operating margin	1.6%	-1.1%	1.6%	-0.3%	6.3%	2.9%	-1.8%	2.4%
Net margin	0.3%	-2.3%	-1.0%	-1.6%	6.3%	2.0%	-2.3%	1.1%
Current ratio	0.93×	0.9×	0.98×	1.07×	1.26×	1×	0.81×	0.85×
Debt / equity	3.38×	4.12×	3.62×	2.64×	1.47×	2.09×	2.87×	2.46×
Interest coverage	0.42×	-0.31×	0.44×	-0.15×	3.19×	1.1×	-0.85×	1.17×
Dividend yield	0.0%	0.0%	0.0%	4.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-52.1%	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	2.9%	-22.2%	-7.4%	-11.3%	40.4%	12.8%	-18.2%	8.1%
Return on invested capital	2.8%	-1.8%	2.3%	-0.6%	11.3%	3.3%	-3.5%	3.0%
Return on assets	0.5%	-3.3%	-1.3%	-2.5%	11.4%	2.8%	-3.5%	1.8%
Free cash flow yield	34.1%	16.8%	-22.0%	-39.1%	1.1%	25.5%	112.1%	-8.4%
Earnings yield	2.2%	-9.3%	-3.4%	-8.2%	19.7%	9.3%	-40.9%	7.4%
Enterprise value	₹5.1B	₹7B	₹7.6B	₹5.6B	₹5.8B	₹3.4B	₹2.7B	₹3.5B
Net debt / EBITDA	5.16×	19.62×	7.61×	12.72×	1.71×	3.19×	9.89×	4.8×
Cash conversion cycle (days)	76	89	102	122	94	105	85	88