Mercury Laboratories Limited (MERCURYLAB.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

-28.8%

₹541.09

vs ₹760.05 price

Levered DCF

₹50.14

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	17.38×	31.25×	18.36×	12.59×	16.34×	13.52×	10.45×	14.35×
P/B	1.45×	1.83×	2.04×	1.54×	1.44×	1.96×	1.05×	1.4×
P/S	1.11×	1.31×	1.37×	0.93×	1×	1.05×	0.59×	0.73×
EV / EBITDA	8.64×	12.79×	10.47×	7.03×	7.57×	7.28×	5.65×	7.38×
Gross margin	33.7%	61.5%	59.6%	31.9%	29.2%	33.3%	30.3%	29.6%
Operating margin	7.4%	39.1%	10.1%	8.3%	8.4%	12.1%	7.8%	7.6%
Net margin	6.4%	4.2%	7.5%	7.4%	6.1%	7.8%	5.6%	5.1%
Current ratio	3.85×	2.66×	3.08×	2.78×	2.24×	2.01×	2.09×	1.89×
Debt / equity	0.15×	0.1×	0.11×	0.13×	0.15×	0.19×	0.22×	0.33×
Interest coverage	10.32×	53.58×	20×	17.3×	10.89×	12.94×	5.44×	3.88×
Dividend yield	0.5%	0.4%	0.4%	0.6%	0.4%	0.6%	0.6%	0.5%
Payout ratio	8.7%	13.4%	7.4%	7.5%	6.7%	7.9%	6.7%	7.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.3%	5.9%	11.1%	12.2%	8.8%	14.5%	10.1%	9.8%
Return on invested capital	6.0%	32.5%	10.9%	8.8%	6.9%	11.8%	7.9%	7.1%
Return on assets	6.1%	4.2%	8.3%	8.7%	5.7%	8.2%	5.7%	4.9%
Free cash flow yield	0.8%	-5.1%	1.9%	2.0%	5.6%	5.0%	12.9%	0.6%
Earnings yield	5.8%	3.2%	5.4%	7.9%	6.1%	7.4%	9.6%	7.0%
Enterprise value	₹916.2M	₹1B	₹1.1B	₹723.8M	₹600.7M	₹762.1M	₹396.2M	₹499.5M
Net debt / EBITDA	0.72×	0.63×	0.21×	0.21×	0.24×	0.39×	0.84×	1.37×
Cash conversion cycle (days)	131	92	118	124	105	70	92	83