MSP Steel & Power Limited (MSPL.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

-77.9%

₹6.60

vs ₹29.87 price

Levered DCF

₹13.99

After debt service

Piotroski score

6 / 9

Average

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	44.08×	-39.14×	84.32×	-6.03×	15.97×	56.54×	-2.03×	-26.7×
P/B	1.45×	1.13×	2.08×	0.53×	0.67×	0.48×	0.26×	0.82×
P/S	0.52×	0.38×	0.42×	0.12×	0.18×	0.16×	0.1×	0.33×
EV / EBITDA	22.51×	9.78×	12.94×	16.49×	7.92×	7.45×	14.72×	10.86×
Gross margin	16.7%	14.4%	4.5%	9.0%	10.2%	15.2%	12.7%	17.3%
Operating margin	4.3%	2.8%	3.5%	0.8%	4.2%	5.1%	1.4%	4.6%
Net margin	1.2%	-1.0%	0.5%	-2.0%	1.1%	0.3%	-5.0%	-1.2%
Current ratio	1.17×	1.26×	1.28×	1.27×	1.4×	1.55×	1.29×	1.36×
Debt / equity	0.31×	0.27×	1.34×	1.41×	1.34×	1.29×	1.45×	1.28×
Interest coverage	2.57×	0.99×	1.15×	0.27×	1.4×	1.11×	0.24×	0.97×
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	3.3%	-2.9%	2.5%	-8.9%	4.2%	0.8%	-12.8%	-3.1%
Return on invested capital	-12.9%	-72.4%	5.1%	1.3%	5.9%	3.7%	1.4%	5.1%
Return on assets	2.0%	-1.8%	0.9%	-3.1%	1.5%	0.3%	-4.4%	-1.2%
Free cash flow yield	2.3%	6.7%	10.3%	10.5%	20.5%	61.5%	48.5%	16.8%
Earnings yield	2.3%	-2.6%	1.2%	-16.6%	6.2%	1.7%	-49.2%	-3.8%
Enterprise value	₹17.8B	₹13.4B	₹19.7B	₹10.9B	₹11.9B	₹10.4B	₹10B	₹13.8B
Net debt / EBITDA	3.69×	1.76×	4.97×	11.9×	5.17×	5.42×	12.46×	6.58×
Cash conversion cycle (days)	52	47	45	55	44	73	114	82