Muller & Phipps (India) Limited (MULLER.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

+27.7%

₹248.76

vs ₹194.75 price

Levered DCF

₹135.53

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	-250.53×	-25.21×	18.89×	51.75×	18.81×	1.45×	4.25×	12.36×
P/B	-5.72×	-9.18×	-10.59×	-5.44×	-3.67×	-0.94×	-0.34×	-0.5×
P/S	2.11×	3.22×	3.32×	2.81×	2.23×	0.63×	0.41×	0.63×
EV / EBITDA	300.92×	-28.68×	17.58×	39.41×	16.84×	1.92×	6.46×	8.96×
Gross margin	20.4%	61.8%	28.6%	56.1%	58.0%	58.6%	58.8%	57.6%
Operating margin	-22.1%	-16.6%	-0.8%	1.0%	4.6%	6.3%	2.7%	9.5%
Net margin	-0.8%	-12.8%	17.4%	5.4%	11.8%	43.5%	9.7%	5.1%
Current ratio	0.54×	0.54×	0.6×	0.42×	0.44×	0.43×	0.14×	0.17×
Debt / equity	-0.36×	-0.4×	-0.59×	-0.52×	-0.59×	-0.6×	-0.43×	-0.42×
Interest coverage	-15.65×	-16.42×	-0.5×	0.49×	1.65×	2.04×	0.69×	1.71×
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	2.3%	36.4%	-55.4%	-10.5%	-19.5%	-64.9%	-8.1%	-4.1%
Return on invested capital	-71.1%	-51.6%	-1.3%	2.1%	7.8%	12.3%	16.4%	93.0%
Return on assets	-0.8%	-13.2%	13.7%	4.4%	9.0%	36.9%	7.2%	4.0%
Free cash flow yield	0.7%	-2.2%	5.1%	1.9%	1.3%	85.8%	8.1%	-0.6%
Earnings yield	-0.4%	-4.0%	5.2%	1.9%	5.3%	69.1%	23.6%	8.1%
Enterprise value	₹125.2M	₹197.8M	₹140.3M	₹119.3M	₹92.5M	₹35.7M	₹32.3M	₹41.1M
Net debt / EBITDA	14.86×	-1.01×	0.34×	3.08×	1.94×	0.58×	3.47×	3.79×
Cash conversion cycle (days)	69	5	11	-358	-384	-384	-514	-492