Martin Burn Limited (MARBU.BO) 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

-87.2%

₹5.67

vs ₹44.20 price

Levered DCF

₹3.73

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

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	11.08×	5.44×	19.78×	20.96×	14.6×	105.26×	7.51×	14.41×
P/B	0.36×	0.58×	0.46×	0.42×	0.49×	0.22×	0.27×	0.46×
P/S	1,155.67×	101.47×	11.76×	12.67×	12.02×	38.37×	6.83×	39.67×
EV / EBITDA	7.04×	3.87×	12.46×	-21.23×	-14.88×	16.27×	-15.43×	6.51×
Gross margin	-28.6%	100.0%	-50.4%	16.2%	30.9%	63.3%	65.2%	230.4%
Operating margin	-22351.1%	-2609.2%	71.6%	-5.5%	-24.0%	164.9%	-84.0%	-614.0%
Net margin	10435.2%	1864.5%	59.4%	60.4%	82.3%	35.6%	91.0%	275.7%
Current ratio	12.02×	1.83×	29.76×	50.54×	17.9×	29.97×	19.8×	15.29×
Debt / equity	0×	0×	0.2×	0.2×	0.2×	0.22×	0.21×	0.21×
Interest coverage	-273.01×	-9.6×	1.53×	-0.1×	-0.59×	0.5×	-1.54×	-1.42×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	15.0%	17.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.2%	10.6%	2.3%	2.0%	3.4%	0.2%	3.6%	3.2%
Return on invested capital	-3.3%	-7.4%	1.2%	-0.1%	-0.3%	0.4%	-1.3%	-2.7%
Return on assets	2.0%	5.9%	1.2%	1.0%	1.6%	0.1%	1.7%	1.5%
Free cash flow yield	-55.6%	47.1%	14.4%	-6.1%	27.3%	0.1%	-36.8%	-58.2%
Earnings yield	9.0%	18.4%	5.0%	4.8%	6.8%	0.9%	13.3%	7.0%
Enterprise value	₹191.3M	₹319.5M	₹321.9M	₹296.7M	₹311.1M	₹192.2M	₹206M	₹286M
Net debt / EBITDA	-0.7×	-0.08×	3.38×	-6.26×	-3.5×	7.54×	-5.78×	1.76×
Cash conversion cycle (days)	16,883	230	62	53,825	43,386	11,059	1,602	516