Morgan Ventures Limited (MORGAN.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

+6567.3%

₹2,753.58

vs ₹41.30 price

Levered DCF

-₹2,837.13

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	8.8×	2.81×	4.17×	5.13×	3.07×	5.67×	-63×	-4.63×
P/B	0.39×	0.81×	0.65×	0.63×	0.54×	0.21×	0.17×	0.28×
P/S	1.19×	7.71×	8.03×	4.15×	3.67×	171.36×	6.24×	0×
EV / EBITDA	51.72×	9.12×	10×	18.2×	15.85×	8.09×	45.99×	-9.21×
Gross margin	46.7%	98.7%	96.7%	80.2%	80.3%	-153.8%	85.1%	0.0%
Operating margin	27.8%	470.3%	437.4%	124.5%	217.0%	11430.2%	88.9%	0.0%
Net margin	14.6%	273.9%	192.5%	81.0%	119.5%	3021.4%	-10.0%	0.0%
Current ratio	0.06×	1.03×	0.15×	0.12×	0.18×	0.63×	0.62×	1,587.93×
Debt / equity	4.21×	3.83×	2.9×	2.91×	4.56×	0.94×	1.02×	0.49×
Interest coverage	0.52×	3.58×	2.59×	4.31×	3.71×	2.1×	0.89×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	4.8%	28.7%	15.6%	12.2%	17.7%	3.7%	-0.3%	-6.1%
Return on invested capital	1.5%	7.6%	6.3%	3.8%	7.2%	3.6%	1.2%	-6.3%
Return on assets	1.4%	9.2%	4.3%	3.0%	5.3%	1.9%	-0.1%	-6.1%
Free cash flow yield	-60.1%	-4.9%	2.3%	-5.8%	-7.4%	-29.0%	190.8%	-0.2%
Earnings yield	12.3%	35.5%	24.0%	19.5%	32.6%	17.6%	-1.6%	-21.6%
Enterprise value	₹4.3B	₹4.1B	₹2.3B	₹1.9B	₹2.4B	₹446.2M	₹442.4M	₹289.1M
Net debt / EBITDA	47.33×	7.53×	8.16×	14.97×	14.16×	6.6×	39.51×	-5.84×
Cash conversion cycle (days)	139	47	39,437	4,209	4,917	62,037	45,518	50,683