MIC Electronics Limited (MICEL.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

-402.5%

-₹108.48

vs ₹35.86 price

Levered DCF

-₹269.43

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 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	-56.55×	138.87×	14.86×	1,077.27×	128.85×	-2.65×	-0.41×	-0.94×
P/B	3.34×	6.05×	7.53×	4.36×	5.91×	2.86×	-0.08×	-0.25×
P/S	3.79×	14.21×	16.82×	44.54×	8.25×	13.14×	12.09×	5.54×
EV / EBITDA	28.63×	71.73×	44.4×	101.3×	56.21×	31.45×	-8.91×	-7.66×
Gross margin	20.3%	24.2%	28.5%	20.8%	32.9%	33.6%	154.3%	46.8%
Operating margin	11.3%	17.5%	19.7%	-19.9%	8.5%	-776.9%	-2589.9%	-556.2%
Net margin	-6.6%	10.2%	113.3%	4.1%	6.6%	-497.1%	-2933.6%	-579.3%
Current ratio	1.91×	2.22×	3.32×	1.88×	2.6×	0.31×	0.23×	0.27×
Debt / equity	0.2×	0.2×	0.1×	0.18×	0.13×	6.56×	-1.05×	-1.12×
Interest coverage	3.57×	3.6×	6.51×	-2.34×	2.21×	-94.91×	-105.68×	-436.1×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-5.8%	4.4%	50.7%	0.4%	4.7%	-108.2%	18.8%	26.3%
Return on invested capital	-6.2%	4.7%	8.0%	-1.4%	5.2%	-22.4%	-238.6%	-177.2%
Return on assets	-3.6%	3.1%	43.9%	0.3%	3.9%	-8.3%	-15.0%	-15.4%
Free cash flow yield	0.1%	-5.4%	-1.1%	-3.3%	-17.8%	-1023.1%	6.6%	1.6%
Earnings yield	-1.7%	0.7%	6.7%	0.1%	0.8%	-37.8%	-242.7%	-104.6%
Enterprise value	₹7.6B	₹13.8B	₹9.3B	₹2.7B	₹3.8B	₹470.6M	₹1.4B	₹1.4B
Net debt / EBITDA	1.26×	1.91×	0.51×	3.84×	1.15×	21.88×	-8.3×	-6.25×
Cash conversion cycle (days)	287	212	257	1,196	189	1,615	-1,640	977