Maximus International Limited (MAXIMUS.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

-205.2%

-₹15.74

vs ₹14.97 price

Levered DCF

-₹74.44

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

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	13.24×	15.37×	33.29×	22.25×	30.91×	46.56×	35.25×	19.07×
P/B	1.41×	1.92×	6.49×	4.8×	4.91×	6.9×	4.59×	2.18×
P/S	0.66×	0.88×	2.43×	1.54×	1.86×	2.79×	2.88×	0.63×
EV / EBITDA	8.94×	10.48×	23.3×	14.91×	17.43×	23.76×	21.88×	11.48×
Gross margin	11.4%	12.5%	11.2%	18.8%	21.7%	27.4%	21.6%	7.2%
Operating margin	6.1%	7.4%	6.2%	9.2%	7.4%	9.1%	8.3%	4.5%
Net margin	5.0%	5.8%	7.3%	7.0%	6.1%	5.9%	8.1%	3.3%
Current ratio	2.05×	2.44×	2.62×	2.11×	2.08×	1.97×	2.38×	1.65×
Debt / equity	0.45×	0.32×	0.44×	0.29×	0.25×	0.32×	0.28×	0.09×
Interest coverage	2.84×	3.67×	2.93×	5.56×	3.91×	4.04×	3.63×	5.35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	10.6%	12.6%	19.5%	21.7%	16.1%	14.7%	12.9%	11.3%
Return on invested capital	6.9%	9.7%	9.2%	16.3%	11.1%	11.8%	6.9%	14.0%
Return on assets	5.2%	6.8%	9.7%	9.0%	7.8%	6.7%	5.9%	8.3%
Free cash flow yield	-13.0%	-16.1%	-3.8%	0.2%	-2.2%	4.3%	-20.6%	4.3%
Earnings yield	7.6%	6.5%	3.0%	4.5%	3.3%	2.1%	2.8%	5.2%
Enterprise value	₹1.5B	₹1.6B	₹2.8B	₹1.6B	₹1.3B	₹1.5B	₹929.7M	₹363.3M
Net debt / EBITDA	1.84×	1.38×	1.43×	0.67×	0.76×	0.88×	1.02×	0.12×
Cash conversion cycle (days)	184	157	133	108	101	101	141	11