Muthoot Capital Services Limited (MUTHOOTCAP.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

+2232.0%

₹4,524.12

vs ₹194.00 price

Levered DCF

-₹9,591.14

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

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	26.35×	8.98×	3.85×	5.38×	-2.64×	11.67×	6.81×	18.25×
P/B	0.44×	0.62×	0.77×	0.87×	1.04×	1.07×	0.81×	3.36×
P/S	0.47×	0.89×	1.25×	0.99×	1.08×	1.22×	0.71×	2.91×
EV / EBITDA	130.94×	15.74×	8.1×	10.52×	-10.37×	12.87×	15.31×	21.6×
Gross margin	47.9%	54.4%	45.6%	48.7%	47.3%	55.4%	48.4%	49.7%
Operating margin	14.7%	40.5%	33.9%	38.5%	36.6%	47.2%	38.2%	40.0%
Net margin	1.8%	9.9%	32.4%	18.3%	-40.8%	10.4%	10.4%	16.7%
Current ratio	8.48×	29.54×	0.95×	0.71×	1.31×	9.49×	19.72×	12.66×
Debt / equity	4.82×	4.27×	2.66×	3.79×	3.8×	3.38×	4.55×	4.6×
Interest coverage	0×	1.55×	1.79×	2.79×	2.85×	2.88×	3.48×	6.98×
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	1.7%	7.0%	20.1%	16.1%	-39.4%	9.2%	11.9%	19.3%
Return on invested capital	1.7%	4.1%	4.2%	5.1%	5.5%	7.0%	5.1%	5.3%
Return on assets	0.3%	1.3%	5.3%	3.2%	-7.7%	2.0%	2.1%	3.3%
Free cash flow yield	-4.9%	-268.2%	-2.5%	-11.1%	17.1%	111.4%	4.3%	-3.1%
Earnings yield	3.8%	11.1%	25.9%	18.6%	-37.9%	8.6%	14.7%	5.7%
Enterprise value	₹30B	₹29.3B	₹19.2B	₹17.8B	₹17B	₹19.5B	₹24.3B	₹35.3B
Net debt / EBITDA	118.1×	13.53×	6.1×	8.01×	-7.77×	8.91×	12.72×	12.39×
Cash conversion cycle (days)	-35	-48	-26	-49	-50	-35	-20	-31