Munjal Showa Limited (MUNJALSHOW.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

+60.3%

₹200.07

vs ₹124.80 price

Levered DCF

₹55.93

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	20.19×	15.43×	22.01×	10.68×	32.22×	21.21×	5.47×	10.79×
P/B	0.65×	0.66×	1.02×	0.52×	0.61×	0.86×	0.37×	1.11×
P/S	0.34×	0.36×	0.58×	0.27×	0.37×	0.51×	0.18×	0.41×
EV / EBITDA	10.92×	8.88×	13.52×	6.19×	14.12×	11.38×	2.91×	5.68×
Gross margin	12.2%	11.9%	21.8%	17.6%	4.1%	5.2%	7.1%	22.8%
Operating margin	0.9%	0.4%	12.0%	1.6%	-0.2%	0.9%	3.4%	3.9%
Net margin	1.7%	2.3%	2.6%	2.6%	1.1%	2.4%	3.3%	3.8%
Current ratio	3.72×	4.25×	4.15×	3.76×	3.76×	3.68×	4.29×	3.02×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	91.5×	20.58×	620.51×	109.19×	-12.25×	59.85×	300.61×	353.21×
Dividend yield	4.1%	4.0%	2.7%	5.3%	4.6%	3.2%	7.7%	2.7%
Payout ratio	82.4%	62.3%	58.6%	56.5%	148.2%	68.7%	42.3%	28.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.2%	4.3%	4.6%	4.9%	1.9%	4.1%	6.7%	10.3%
Return on invested capital	1.3%	0.6%	17.7%	2.2%	-0.4%	1.2%	4.9%	7.6%
Return on assets	2.5%	3.5%	3.8%	3.9%	1.5%	3.3%	5.6%	7.9%
Free cash flow yield	-4.4%	7.9%	1.1%	-1.7%	5.7%	-4.1%	19.5%	3.9%
Earnings yield	5.0%	6.5%	4.5%	9.4%	3.1%	4.7%	18.3%	9.3%
Enterprise value	₹4.4B	₹4.2B	₹6.6B	₹3.4B	₹3.7B	₹5.4B	₹2.3B	₹6.3B
Net debt / EBITDA	-0.04×	-0.57×	-0.36×	-0.1×	-0.63×	-0.21×	-0.04×	-0.37×
Cash conversion cycle (days)	43	36	41	37	47	54	32	26