MPS Limited (MPSLTD.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

+67.5%

₹3,999.86

vs ₹2,388.10 price

Levered DCF

₹3,736.44

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	14.6×	32.97×	22.02×	16.63×	12.14×	14.5×	6.51×	11.99×
P/B	4.24×	10.27×	5.69×	4.28×	2.88×	2.23×	1.06×	1.93×
P/S	3.29×	6.76×	4.8×	3.62×	2.37×	2.01×	1.17×	2.51×
EV / EBITDA	10.58×	21.63×	13.82×	10.54×	7.05×	6.88×	3.3×	7.29×
Gross margin	58.4%	35.4%	99.9%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	58.4%	25.2%	27.8%	28.5%	23.8%	21.0%	20.7%	26.3%
Net margin	22.5%	20.5%	21.8%	21.8%	19.5%	13.9%	18.0%	21.0%
Current ratio	1.45×	1.97×	1.61×	3.36×	2.71×	2.66×	5.27×	7.05×
Debt / equity	0.1×	0.01×	0.01×	0.02×	0.03×	0.05×	0.05×	0×
Interest coverage	223.09×	235.24×	241.42×	128.83×	69.31×	43.48×	31.89×	500.46×
Dividend yield	3.4%	2.7%	3.3%	2.8%	0.0%	0.0%	43.2%	2.5%
Payout ratio	50.0%	90.3%	72.2%	47.0%	0.0%	0.0%	281.2%	29.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	29.0%	31.1%	25.8%	25.8%	23.7%	15.4%	16.3%	16.1%
Return on invested capital	47.8%	25.3%	21.0%	23.7%	20.0%	13.5%	12.9%	14.1%
Return on assets	18.4%	21.4%	16.1%	19.8%	17.5%	11.5%	13.5%	14.1%
Free cash flow yield	7.5%	1.9%	4.4%	6.0%	10.4%	10.9%	12.3%	4.5%
Earnings yield	6.8%	3.0%	4.5%	6.0%	8.2%	6.9%	15.4%	8.3%
Enterprise value	₹25B	₹48.3B	₹25.1B	₹17.6B	₹9.9B	₹8B	₹3.3B	₹8.6B
Net debt / EBITDA	-0.14×	-0.36×	-0.57×	-0.3×	-0.5×	-0.41×	-0.64×	-0.4×
Cash conversion cycle (days)	15	39	-22,899	-90,381	-50,288	-120,257	-352,701	-521,610