Mazda Limited (MAZDA.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

+15.7%

₹353.93

vs ₹306.00 price

Levered DCF

₹181.33

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

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	11.73×	19.22×	16.89×	9.32×	9.24×	11.08×	5.9×	13.52×
P/B	1.29×	2.08×	2.51×	1.34×	1.2×	1.23×	0.75×	1.42×
P/S	1.52×	2.47×	2.38×	1.31×	1.2×	1.19×	0.55×	1.4×
EV / EBITDA	7.6×	12.5×	11.19×	6.1×	6.25×	7.38×	3.47×	8.81×
Gross margin	29.8%	28.1%	47.8%	25.9%	48.1%	45.2%	40.4%	43.7%
Operating margin	14.3%	13.5%	15.9%	18.0%	15.4%	13.5%	12.7%	11.6%
Net margin	13.0%	12.9%	14.1%	14.0%	13.0%	10.8%	9.3%	10.3%
Current ratio	4.08×	6.44×	6.82×	4.25×	4.47×	4.52×	3.19×	3.48×
Debt / equity	0×	0×	0×	0×	0×	0.01×	0.01×	0.01×
Interest coverage	30.07×	48.65×	65.46×	54.28×	37.45×	31.03×	23.97×	21.01×
Dividend yield	2.2%	1.3%	1.1%	2.0%	2.2%	0.6%	8.1%	1.8%
Payout ratio	26.2%	25.8%	17.8%	18.2%	20.7%	6.1%	47.9%	24.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.0%	10.8%	14.9%	14.3%	13.0%	11.1%	12.6%	10.5%
Return on invested capital	8.9%	8.3%	12.4%	13.4%	11.6%	10.0%	12.4%	9.1%
Return on assets	8.7%	9.4%	13.1%	11.9%	11.1%	9.4%	10.0%	8.1%
Free cash flow yield	-7.4%	1.4%	7.5%	7.6%	-3.8%	5.5%	9.7%	-6.2%
Earnings yield	8.5%	5.2%	5.9%	10.7%	10.8%	9.0%	16.9%	7.4%
Enterprise value	₹3.2B	₹4.7B	₹5.2B	₹2.4B	₹1.9B	₹1.7B	₹905.4M	₹1.9B
Net debt / EBITDA	-0.17×	-0.26×	-0.3×	-0.18×	-0.14×	-0.25×	-0.3×	-0×
Cash conversion cycle (days)	288	151	123	206	162	166	145	149