Mauria Udyog Limited (MUL.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

-1292.8%

-₹75.14

vs ₹6.30 price

Levered DCF

₹450.81

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

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	4.36×	9.95×	6.99×	-6.88×	-21.76×	-0.26×	-1.27×	79.84×
P/B	1.86×	5.58×	3.8×	3.63×	1.84×	0.53×	0.64×	2.41×
P/S	0.25×	0.44×	0.35×	0.3×	0.2×	0.13×	0.11×	0.29×
EV / EBITDA	6.32×	6.52×	10.84×	11.82×	421.71×	-5.22×	-20.29×	10.53×
Gross margin	46.7%	41.4%	27.8%	29.7%	16.1%	15.4%	5.0%	12.4%
Operating margin	7.3%	5.4%	5.0%	17.6%	-4.1%	-1.2%	-4.5%	4.7%
Net margin	5.7%	4.5%	5.0%	-4.3%	-0.9%	-49.2%	-8.5%	0.4%
Current ratio	0.68×	0.81×	0.49×	0.46×	0.36×	1.08×	1.02×	1.48×
Debt / equity	2.46×	4.66×	6.22×	10.87×	12.81×	12.1×	3.86×	2.1×
Interest coverage	4.25×	2.77×	1.5×	1.47×	-1.67×	-0.19×	-0.85×	1.05×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	15.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	42.7%	56.5%	54.4%	-52.7%	-8.4%	-204.6%	-50.7%	3.0%
Return on invested capital	9.3%	4.3%	6.2%	14.3%	-0.7%	-0.3%	-4.0%	7.9%
Return on assets	5.7%	4.5%	3.6%	-2.3%	-0.5%	-12.5%	-8.5%	0.6%
Free cash flow yield	27.5%	32.8%	-21.8%	229.7%	19.6%	150.7%	-79.6%	14.5%
Earnings yield	22.9%	10.1%	14.3%	-14.5%	-4.6%	-387.9%	-78.8%	1.3%
Enterprise value	₹2.2B	₹3B	₹3B	₹2.5B	₹3.9B	₹3.6B	₹4.3B	₹6.4B
Net debt / EBITDA	3.31×	2.67×	6.67×	8.85×	368.62×	-5×	-17.38×	4.89×
Cash conversion cycle (days)	70	35	65	27	-30	496	188	88