Milkfood Limited (MLKFOOD.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

-85.4%

₹13.73

vs ₹94.00 price

Levered DCF

-₹276.15

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.94

Grey zone

Rating

Overall 4 / 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	3.15×	35.53×	35.97×	30.57×	52.09×	64.98×	21.59×	14.51×
P/B	0.62×	0.9×	0.38×	0.56×	0.37×	0.33×	0.39×	0.34×
P/S	0.34×	0.36×	0.15×	0.16×	0.14×	0.11×	0.08×	0.07×
EV / EBITDA	39.23×	10.94×	6.22×	7.09×	8.97×	5.55×	4.9×	3.42×
Gross margin	7.0%	11.8%	10.4%	17.3%	17.7%	16.2%	12.9%	13.4%
Operating margin	-0.2%	3.7%	3.0%	3.8%	10.4%	3.1%	3.0%	4.0%
Net margin	10.7%	1.0%	1.6%	2.1%	1.1%	0.7%	1.5%	1.9%
Current ratio	1.69×	1.19×	1.25×	1.32×	1.37×	1.24×	1.03×	1.08×
Debt / equity	0.49×	0.68×	0.66×	0.92×	0.59×	0.62×	0.65×	0.54×
Interest coverage	-0.06×	1.53×	0.97×	1.79×	4.47×	1.38×	1.99×	2.69×
Dividend yield	0.0%	1.0%	1.9%	1.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	33.7%	18.0%	12.5%	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	19.8%	2.6%	4.1%	7.3%	2.8%	2.1%	7.2%	9.4%
Return on invested capital	-0.2%	3.1%	3.4%	5.3%	11.5%	3.1%	6.0%	6.9%
Return on assets	11.2%	1.2%	1.9%	3.0%	1.1%	0.8%	2.8%	3.6%
Free cash flow yield	-88.1%	2.6%	5.8%	-50.6%	18.2%	13.6%	-5.6%	62.6%
Earnings yield	31.7%	2.8%	10.8%	13.1%	7.7%	6.1%	18.5%	27.6%
Enterprise value	₹2.5B	₹2.8B	₹1.8B	₹2B	₹1.2B	₹1.1B	₹1.2B	₹958.8M
Net debt / EBITDA	17.23×	4.7×	3.96×	4.4×	5.47×	3.59×	3.07×	2.09×
Cash conversion cycle (days)	62	49	64	66	73	76	43	35