Usha Martin Education & Solutions Limited (UMESLTD.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

-7.3%

₹3.91

vs ₹4.22 price

Levered DCF

₹6.44

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.6

Safe zone

Rating

C-

Overall 1 / 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	43.67×	43.83×	80.83×	131.25×	179.04×	357.89×	40.18×	-35.9×
P/B	7.02×	0.94×	0.85×	0.59×	0.77×	0.64×	0.17×	0.26×
P/S	19.57×	26.22×	16.62×	12.69×	13.82×	15.24×	3.34×	4.73×
EV / EBITDA	39.95×	30.89×	44.26×	102.22×	71.4×	55.66×	53.3×	35.92×
Gross margin	73.1%	56.1%	72.0%	63.8%	65.0%	51.6%	59.2%	60.6%
Operating margin	49.2%	0.5%	42.4%	16.1%	24.1%	12.9%	15.3%	13.0%
Net margin	44.8%	59.8%	20.6%	9.7%	7.7%	4.3%	8.3%	-13.2%
Current ratio	0.3×	0.22×	0.47×	0.53×	0.27×	0.54×	0.49×	0.53×
Debt / equity	0.09×	0.05×	0.12×	0.18×	0.19×	0.19×	0.19×	0.18×
Interest coverage	8.82×	0.02×	1.95×	0.66×	1.18×	0.45×	0.72×	0.48×
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	16.1%	2.1%	1.1%	0.4%	0.4%	0.2%	0.4%	-0.7%
Return on invested capital	16.0%	0.0%	0.8%	0.5%	1.0%	0.4%	0.6%	-0.7%
Return on assets	12.4%	2.0%	0.8%	0.3%	0.3%	0.1%	0.3%	-0.5%
Free cash flow yield	2.6%	8.3%	5.1%	1.4%	1.8%	-0.2%	20.7%	6.2%
Earnings yield	2.3%	2.3%	1.2%	0.8%	0.6%	0.3%	2.5%	-2.8%
Enterprise value	₹174.2M	₹143.9M	₹138.5M	₹108.4M	₹135.4M	₹116.7M	₹50.5M	₹61.1M
Net debt / EBITDA	0.46×	1.41×	5.32×	23.79×	14.27×	12.83×	28.2×	14.95×
Cash conversion cycle (days)	29	36	171	33	-99	-109	-205	-250