Modern Shares & Stockbrokers Limited (MODRNSH.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

-40.5%

₹18.75

vs ₹31.50 price

Levered DCF

-₹62.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

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	40.22×	87.46×	28.06×	25.61×	21.04×	55×	-4.89×	-5.69×
P/B	0.62×	1.52×	0.88×	0.38×	0.49×	0.15×	0.17×	0.25×
P/S	3.03×	6.91×	4.5×	2.12×	2.42×	1.04×	1.4×	1.73×
EV / EBITDA	21.45×	39.83×	18.42×	22.22×	11.96×	-14.82×	-1.87×	-1.55×
Gross margin	37.4%	42.1%	60.8%	53.9%	56.3%	44.5%	35.5%	46.9%
Operating margin	-17.4%	-13.1%	-12.3%	-17.3%	-16.2%	-49.4%	-83.3%	-51.8%
Net margin	7.5%	7.9%	16.1%	8.3%	11.5%	1.9%	-28.4%	-30.4%
Current ratio	5.69×	49.91×	2.87×	1.26×	2.86×	2.04×	1.06×	1.36×
Debt / equity	0.02×	0×	0×	0.26×	0×	0.01×	0×	0×
Interest coverage	-27.84×	-27.61×	-17.73×	-16.16×	-28.82×	-47.91×	-101.71×	-88.02×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.9%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-27.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.5%	1.7%	3.2%	1.5%	2.4%	0.3%	-3.5%	-4.4%
Return on invested capital	-1.9%	-1.2%	-1.8%	-1.8%	-1.7%	-5.1%	-9.0%	-6.3%
Return on assets	1.2%	1.3%	2.5%	1.1%	1.9%	0.2%	-2.8%	-3.6%
Free cash flow yield	-27.5%	1.0%	-21.0%	39.7%	-41.6%	-185.1%	38.2%	-141.8%
Earnings yield	2.5%	1.1%	3.6%	3.9%	4.8%	1.8%	-20.4%	-17.6%
Enterprise value	₹80.3M	₹179.2M	₹107.2M	₹59.9M	₹47.5M	-₹11.6M	₹5.6M	₹13.2M
Net debt / EBITDA	0.03×	-3.1×	-0.67×	4.95×	-2.95×	-37.38×	4.68×	1.97×
Cash conversion cycle (days)	103	97	-556	-171	-129	-959	0	0