MMP Industries Limited (MMP.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

-349.8%

-₹1,050.08

vs ₹420.30 price

Levered DCF

-₹320.75

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	15.5×	17.5×	20.77×	13.42×	17.3×	12.41×	8.01×	13.82×
P/B	1.39×	2.1×	2.27×	1.11×	2.11×	1.04×	0.78×	1.8×
P/S	0.58×	0.98×	1.14×	0.53×	1.12×	0.94×	0.62×	1.2×
EV / EBITDA	10.24×	12.73×	15.78×	9.53×	12.95×	9.24×	5.61×	8.8×
Gross margin	20.4%	14.9%	8.7%	15.1%	18.4%	23.4%	23.2%	25.4%
Operating margin	6.5%	8.0%	6.7%	5.5%	8.1%	9.6%	10.6%	11.0%
Net margin	3.8%	5.6%	5.5%	4.0%	6.5%	7.6%	7.7%	8.7%
Current ratio	1.26×	1.39×	1.48×	1.7×	1.71×	1.84×	2.61×	2.81×
Debt / equity	0.53×	0.48×	0.32×	0.22×	0.22×	0.14×	0.09×	0.14×
Interest coverage	4.02×	5.41×	5.67×	6.61×	10.03×	12.99×	11.05×	10.33×
Dividend yield	1.1%	0.6%	0.4%	0.9%	0.5%	0.0%	0.0%	0.0%
Payout ratio	16.4%	9.8%	8.0%	11.9%	8.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.9%	12.0%	10.9%	8.3%	12.2%	8.3%	9.7%	13.0%
Return on invested capital	7.5%	8.4%	7.7%	7.0%	9.5%	6.9%	9.1%	10.9%
Return on assets	5.0%	7.1%	7.3%	6.0%	8.6%	6.4%	7.9%	9.9%
Free cash flow yield	0.9%	-7.3%	-0.1%	0.8%	-6.2%	-12.2%	-20.6%	-8.2%
Earnings yield	6.5%	5.7%	4.8%	7.5%	5.8%	8.1%	12.5%	7.2%
Enterprise value	₹6.6B	₹8.3B	₹7.5B	₹3.4B	₹5.5B	₹2.5B	₹1.6B	₹2.9B
Net debt / EBITDA	2.82×	2.24×	1.95×	1.55×	1.22×	1.1×	0.43×	-0.75×
Cash conversion cycle (days)	102	114	96	85	98	142	96	81