Milgrey Finance and Investments Limited (ZMILGFIN.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

-186.1%

-₹32.54

vs ₹37.79 price

Levered DCF

-₹15.87

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-82.2×	319.24×	9,940.24×	-31.38×	368.42×	-383.94×	-30.47×	-18.93×
P/B	3.19×	5.85×	5.1×	0.13×	2.02×	4.88×	4.27×	3.48×
P/S	-123.9×	211.53×	623.38×	72,622.54×	35.36×	52.67×	0×	308.62×
EV / EBITDA	-120.05×	355.37×	10,990.02×	-2,979.79×	351.56×	-393.03×	-76,648.76×	-19.11×
Gross margin	100.1%	83.1%	77.3%	-715.6%	100.0%	99.8%	0.0%	-15.9%
Operating margin	151.2%	71.2%	6.6%	-232021.5%	10.4%	73.6%	0.0%	-1632.6%
Net margin	151.2%	67.3%	6.2%	-232021.5%	9.6%	-13.7%	0.0%	-1634.3%
Current ratio	0.03×	14,125.9×	1.17×	0.04×	0.47×	8.64×	8.72×	17.79×
Debt / equity	1.55×	1.17×	0.81×	0.05×	0.08×	0.13×	0.13×	0.06×
Interest coverage	0×	0×	19.84×	0×	13.43×	0×	0×	-963.51×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.9%	1.9%	0.1%	-0.4%	0.5%	-1.3%	-14.0%	-18.5%
Return on invested capital	-1.5%	0.3%	0.0%	-0.4%	0.5%	5.9%	-12.2%	-18.4%
Return on assets	-1.2%	0.9%	0.0%	-0.4%	0.5%	-1.1%	-12.2%	-18.5%
Free cash flow yield	0.0%	0.0%	-16.6%	-2.8%	-5.4%	-0.4%	-1.0%	-41.9%
Earnings yield	-1.2%	0.3%	0.0%	-3.2%	0.3%	-0.3%	-3.3%	-5.3%
Enterprise value	₹1.5B	₹2.4B	₹2B	₹55.4M	₹33M	₹44.8M	₹39.6M	₹39.2M
Net debt / EBITDA	-38.12×	58.47×	1,506.7×	-798.15×	10.72×	-8.86×	-1,590.73×	-0.21×
Cash conversion cycle (days)	-15,692,332	23	247	-29,606,459	423	-2,867,112	-7,360,260	3,828