Modi's Navnirman Limited (MODIS.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

-1686.7%

-₹6,203.82

vs ₹391.00 price

Levered DCF

-₹12,033.97

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.04

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.94×	21.41×	71.7×	50.15×	219.23×	234.25×	206.02×	1,315.38×
P/B	3.71×	4.57×	5.61×	8.97×	75.91×	97.34×	57,866.4×	57,866.4×
P/S	3.07×	5.57×	8.32×	6.72×	28.35×	11.32×	13.19×	111.53×
EV / EBITDA	15.16×	28.89×	52.43×	31.26×	156.3×	142.11×	133.81×	628.26×
Gross margin	20.1%	23.4%	17.6%	48.0%	73.0%	25.1%	13.7%	30.1%
Operating margin	18.3%	17.0%	15.9%	19.9%	16.9%	5.3%	9.9%	18.3%
Net margin	15.4%	14.2%	11.6%	13.4%	12.9%	4.8%	6.4%	8.7%
Current ratio	2.09×	3.04×	4.48×	2.96×	3.27×	0.39×	1.17×	3.26×
Debt / equity	0.04×	0.03×	0.07×	0.23×	5.1×	0.18×	500.46×	1,867.76×
Interest coverage	20.98×	60.45×	233.2×	4.97×	16.28×	8.66×	8.44×	2.59×
Dividend yield	0.0%	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	25.3%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.6%	11.6%	7.8%	17.9%	34.5%	41.6%	27956.0%	4504.0%
Return on invested capital	16.6%	9.7%	7.4%	16.2%	5.2%	31.3%	62.8%	3.8%
Return on assets	9.6%	7.7%	5.9%	9.7%	4.2%	18.4%	14.0%	1.7%
Free cash flow yield	-0.4%	-4.5%	-5.3%	-3.1%	-6.1%	0.3%	2.8%	-1.2%
Earnings yield	5.0%	2.5%	1.4%	2.0%	0.5%	0.4%	0.5%	0.1%
Enterprise value	₹5.8B	₹4.8B	₹4.8B	₹2.9B	₹3.1B	₹2.9B	₹2.9B	₹3B
Net debt / EBITDA	0.04×	0.09×	-0.19×	0.53×	9.23×	-0×	1.13×	19.27×
Cash conversion cycle (days)	254	756	607	792	2,501	-31	141	2,565