Munjal Auto Industries Limited (MUNJALAU.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

-14.7%

₹87.12

vs ₹102.08 price

Levered DCF

₹25.24

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	16.86×	19.05×	21.53×	6.47×	15.26×	26.07×	63.05×	15.15×
P/B	1.51×	1.68×	2.07×	0.94×	1.21×	1.73×	0.89×	1.84×
P/S	0.3×	0.34×	0.44×	0.18×	0.21×	0.25×	0.21×	0.45×
EV / EBITDA	6.45×	7.58×	7.86×	4.38×	5.94×	7.87×	7.82×	7.86×
Gross margin	15.5%	16.6%	8.6%	24.1%	13.9%	10.9%	18.7%	19.2%
Operating margin	2.7%	2.8%	3.5%	2.0%	2.5%	2.1%	1.1%	4.2%
Net margin	1.8%	1.8%	2.0%	2.8%	1.4%	1.0%	0.3%	3.0%
Current ratio	1.26×	1.33×	1.32×	1.26×	1.29×	1.27×	1.15×	1.25×
Debt / equity	0.95×	0.84×	0.69×	0.73×	0.34×	0.47×	0.57×	0.16×
Interest coverage	1.61×	1.91×	2.4×	1.46×	4.07×	2.89×	1.14×	11.77×
Dividend yield	1.5%	2.9%	2.4%	2.8%	0.0%	0.0%	4.7%	2.2%
Payout ratio	24.9%	55.0%	52.0%	17.8%	0.0%	0.0%	292.5%	33.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.0%	8.8%	9.6%	14.6%	7.9%	6.6%	1.4%	12.1%
Return on invested capital	4.8%	5.9%	5.5%	4.0%	7.0%	5.7%	1.6%	11.0%
Return on assets	2.8%	2.9%	3.2%	4.4%	2.8%	2.3%	0.5%	6.4%
Free cash flow yield	-5.8%	-7.8%	10.4%	1.4%	29.3%	6.1%	-16.2%	-7.4%
Earnings yield	5.9%	5.2%	4.6%	15.5%	6.6%	3.8%	1.6%	6.6%
Enterprise value	₹10.8B	₹10.3B	₹11B	₹6.4B	₹5.2B	₹6.7B	₹4.1B	₹5.7B
Net debt / EBITDA	2.4×	2.47×	1.93×	1.88×	1.29×	1.55×	2.85×	0.39×
Cash conversion cycle (days)	52	46	52	56	42	32	11	20