MTAR Technologies Limited (MTARTECH.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

-134.7%

-₹2,196.32

vs ₹6,335.00 price

Levered DCF

-₹1,539.70

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

9.5

Safe zone

Rating

Overall 3 / 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	113.43×	78.2×	97.12×	47.04×	88.62×	60.22×	106.34×	84.97×
P/B	12.97×	5.67×	8.06×	7.84×	10.38×	5.82×	14.79×	14.17×
P/S	12.17×	6.22×	9.52×	8.64×	17.07×	11.41×	15.87×	18.66×
EV / EBITDA	57.85×	35.6×	48.7×	29.31×	54.86×	33.93×	56.18×	61.26×
Gross margin	26.5%	48.6%	47.2%	52.1%	63.2%	67.0%	87.6%	89.3%
Operating margin	15.5%	13.3%	15.6%	24.1%	25.4%	29.1%	22.0%	24.3%
Net margin	10.7%	8.0%	9.8%	18.4%	19.3%	18.9%	14.9%	22.0%
Current ratio	1.55×	2.13×	2.72×	2.04×	2.8×	4.46×	1.51×	1.57×
Debt / equity	0.46×	0.24×	0.28×	0.23×	0.18×	0.04×	0.13×	0.12×
Interest coverage	4.64×	3.99×	4.01×	9.31×	12.09×	10.11×	9.7×	9.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.3%	0.3%	0.5%	0.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	30.3%	17.4%	54.3%	26.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.4%	7.3%	8.3%	16.7%	11.7%	9.7%	13.9%	16.7%
Return on invested capital	8.2%	7.0%	7.7%	12.7%	9.4%	9.9%	12.1%	17.6%
Return on assets	5.4%	4.7%	5.6%	9.7%	8.4%	7.9%	9.0%	12.8%
Free cash flow yield	0.3%	0.0%	-0.7%	-2.1%	-2.2%	-0.5%	1.3%	0.4%
Earnings yield	0.9%	1.3%	1.0%	2.1%	1.1%	1.7%	0.9%	1.2%
Enterprise value	₹110.2B	₹43.1B	₹56B	₹50B	₹54.7B	₹27.7B	₹33.5B	₹33.5B
Net debt / EBITDA	1.87×	1.45×	1.32×	0.77×	0.8×	-0.11×	0.26×	0.33×
Cash conversion cycle (days)	339	371	385	363	517	439	742	802