Mahalaxmi Rubtech Limited (MHLXMIRU.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

+104.1%

₹367.31

vs ₹180.00 price

Levered DCF

₹248.90

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	7.63×	14.04×	20.41×	19.8×	15.96×	11.86×	15.72×	14.34×
P/B	1.83×	3.43×	4.26×	2.47×	1.48×	0.76×	0.82×	0.86×
P/S	1.49×	2.56×	2.93×	3.12×	0.6×	0.53×	0.4×	0.39×
EV / EBITDA	4.76×	8.9×	11.61×	12.77×	7.53×	5.09×	5.64×	5.66×
Gross margin	37.9%	38.1%	39.7%	23.1%	17.8%	23.1%	19.0%	18.2%
Operating margin	23.1%	22.0%	18.2%	18.7%	3.3%	5.0%	2.9%	3.5%
Net margin	19.5%	18.2%	14.3%	15.8%	3.8%	4.4%	2.6%	2.7%
Current ratio	3.15×	2.6×	2.09×	1.71×	1.36×	1.61×	1.4×	1.4×
Debt / equity	0.13×	0.21×	0.3×	0.21×	0.7×	0.41×	0.38×	0.42×
Interest coverage	39.36×	19.05×	9.26×	6.42×	1.51×	2.16×	3.43×	3.08×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	35.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.0%	24.4%	20.9%	12.5%	9.3%	6.4%	5.2%	6.0%
Return on invested capital	18.5%	18.4%	14.7%	18.4%	3.4%	3.9%	3.1%	4.2%
Return on assets	18.9%	17.0%	13.4%	15.1%	3.8%	3.5%	2.6%	2.9%
Free cash flow yield	12.0%	5.0%	6.1%	0.5%	1.5%	13.2%	14.4%	5.6%
Earnings yield	13.1%	7.1%	4.9%	5.1%	6.3%	8.4%	6.4%	7.0%
Enterprise value	₹1.6B	₹2.4B	₹2.3B	₹2.3B	₹1.7B	₹1B	₹992.5M	₹998.4M
Net debt / EBITDA	-0.14×	0.09×	0.33×	0.76×	2.37×	1.56×	1.53×	1.62×
Cash conversion cycle (days)	71	92	136	125	55	73	57	60