Mangalam Seeds Limited (MSL.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

-549.4%

-₹575.18

vs ₹128.00 price

Levered DCF

-₹497.20

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	14.71×	18.2×	23.38×	16.1×	18.21×	12.52×	16.1×	18.48×
P/B	1.36×	2.34×	4.42×	3.15×	2.07×	1.91×	1.78×	2.05×
P/S	1.07×	1.81×	2.74×	2.73×	2.3×	1.87×	1.5×	1.92×
EV / EBITDA	10.3×	13.61×	17.32×	11.95×	13.16×	9.73×	12.76×	14.19×
Gross margin	20.8%	23.8%	23.7%	40.0%	35.8%	35.1%	28.6%	31.3%
Operating margin	12.7%	15.8%	17.1%	22.9%	18.1%	19.7%	12.7%	13.3%
Net margin	7.3%	10.0%	11.7%	16.9%	12.7%	14.9%	9.3%	10.4%
Current ratio	1.88×	1.57×	1.66×	2.81×	2.22×	2.85×	2.11×	3.05×
Debt / equity	0.56×	0.81×	0.82×	0.31×	0.39×	0.25×	0.28×	0.19×
Interest coverage	3.5×	3.82×	6.03×	9.81×	6.03×	8.6×	5.27×	6.5×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.3%	12.9%	18.9%	19.6%	11.4%	15.3%	11.1%	11.1%
Return on invested capital	8.1%	9.1%	12.3%	16.5%	9.6%	13.6%	10.5%	10.9%
Return on assets	5.0%	6.4%	9.7%	14.2%	7.7%	11.4%	7.8%	8.8%
Free cash flow yield	2.8%	-7.4%	-11.4%	1.7%	-8.3%	4.8%	-6.4%	0.5%
Earnings yield	6.8%	5.5%	4.3%	6.2%	5.5%	8.0%	6.2%	5.4%
Enterprise value	₹1.7B	₹2.5B	₹3.6B	₹1.9B	₹1.1B	₹862.1M	₹695.1M	₹670.2M
Net debt / EBITDA	2.92×	3.43×	2.41×	0.84×	1.8×	1.05×	1.69×	1.09×
Cash conversion cycle (days)	334	341	236	283	350	224	216	310