Madala Holdings Limited (SOFTSOL.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

-89.0%

₹14.60

vs ₹132.40 price

Levered DCF

₹11.49

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

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	100.98×	41.79×	38.69×	2,822.41×	17.37×	9.5×	6.43×	9.35×
P/B	2.41×	3.27×	2.18×	1.53×	1.56×	0.84×	0.31×	0.39×
P/S	19.85×	28.34×	5.12×	2.72×	3.91×	3.3×	1.36×	1.46×
EV / EBITDA	32.99×	26.89×	27.37×	35.24×	12.49×	6.36×	3.32×	4.85×
Gross margin	67.5%	64.5%	47.4%	18.2%	18.5%	26.4%	14.1%	-10.3%
Operating margin	49.9%	46.1%	47.4%	9.0%	8.7%	16.8%	12.4%	8.4%
Net margin	19.7%	67.8%	14.6%	0.1%	22.5%	34.8%	21.2%	15.7%
Current ratio	84.01×	20.66×	10.18×	7×	6.69×	11.55×	25.79×	19.38×
Debt / equity	0×	0×	0.05×	0.06×	0.07×	0.05×	0.01×	0×
Interest coverage	20.95×	17.82×	20.63×	4.43×	6.25×	19.68×	14.78×	12.52×
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	2.4%	7.8%	6.2%	0.1%	9.0%	8.9%	4.8%	4.2%
Return on invested capital	3.3%	3.8%	13.3%	0.1%	2.6%	3.4%	2.0%	1.6%
Return on assets	2.2%	7.1%	5.3%	0.0%	7.6%	8.0%	4.5%	3.9%
Free cash flow yield	4.4%	0.3%	-0.3%	0.1%	5.5%	8.7%	5.2%	-5.9%
Earnings yield	1.0%	2.4%	2.8%	0.0%	5.8%	10.5%	15.6%	10.7%
Enterprise value	₹2.7B	₹3.6B	₹3.9B	₹2.2B	₹2.9B	₹1.2B	₹402.1M	₹498.8M
Net debt / EBITDA	-0.14×	-0.08×	0.31×	-1.07×	-0.01×	-0.57×	-0.26×	-0.26×
Cash conversion cycle (days)	33	117	41	49	-11	77	82	93