MSTC Limited (MSTCLTD.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

-34.2%

₹377.28

vs ₹573.30 price

Levered DCF

₹215.51

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	11.79×	8.94×	38.36×	7.36×	10.82×	18.6×	5.75×	-2.56×
P/B	2.85×	4.93×	7.12×	2.26×	3.29×	3.77×	1.18×	2.03×
P/S	6.97×	11.71×	20.02×	2.47×	2.46×	2.69×	0.73×	0.28×
EV / EBITDA	6.21×	13.1×	17.02×	2.84×	6.08×	9.24×	2.91×	-7.92×
Gross margin	57.6%	96.7%	69.3%	41.8%	32.3%	70.6%	19.1%	-3.5%
Operating margin	57.8%	57.7%	60.4%	39.2%	24.1%	17.9%	24.2%	-3.7%
Net margin	59.1%	130.9%	64.6%	33.6%	22.7%	14.5%	12.8%	-10.8%
Current ratio	1.49×	1.28×	1.12×	1.24×	1.18×	1.07×	1.06×	1×
Debt / equity	0.16×	0.2×	0.16×	0.18×	0.23×	0.28×	0.55×	1.58×
Interest coverage	0×	996.51×	463.74×	1,817.39×	74.79×	17.62×	6.23×	-1.61×
Dividend yield	2.1%	7.9%	1.5%	6.4%	4.2%	1.1%	0.0%	3.3%
Payout ratio	24.5%	70.9%	47.2%	47.1%	45.6%	20.6%	0.0%	-8.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.2%	55.1%	23.0%	30.8%	30.4%	20.2%	20.5%	-79.2%
Return on invested capital	14.8%	15.7%	14.2%	20.1%	19.7%	14.3%	13.0%	-9.7%
Return on assets	10.9%	19.2%	9.1%	9.0%	9.9%	5.0%	4.4%	-10.9%
Free cash flow yield	1.1%	6.5%	-7.0%	45.5%	4.4%	30.7%	32.9%	7.9%
Earnings yield	8.5%	11.2%	3.2%	13.6%	9.2%	5.4%	17.4%	-39.0%
Enterprise value	₹13.9B	₹34.1B	₹62.1B	₹10B	₹15.6B	₹15.1B	₹6.3B	₹13.1B
Net debt / EBITDA	-5.28×	-0.9×	-0.34×	-2.19×	-2.33×	-3.62×	0.33×	-3.14×
Cash conversion cycle (days)	-70	-78	-207	-92	135	-214	-360	126