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STOCK COMPARISON

Innova Captab vs Merck KGaA: Fair Value & Quality

Both stocks run through our valuation models. Here is how Innova Captab (INNOVACAP) and Merck KGaA (MRK) compare, as of Oct 1, 2026.

As of Oct 1, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: Innova Captab trades at ₹1,160 versus a fair value of ₹430 (−63.0%), while Merck KGaA trades at €138 versus €109 (−21.1%).
Innova Captab
INNOVACAP.NSE · INR · Health Care
−63.0%
upside to fair value
overvalued
Price₹1,160
Fair Value₹430
Quality51/100
Merck KGaA
MRK.XETRA · EUR · Health Care
−21.1%
upside to fair value
overvalued
Price€138
Fair Value€109
Quality62/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Innova CaptabMerck KGaA
Valuation
47.1×P/E (TTM)24.6×
n/aForward P/E (FY2027)15.5×
n/aMedian P/E at FY-end (10 FY, reported earnings)25.0×
4.07×P/S (TTM)2.84×
6.08×P/B2.10×
29.7×EV/EBITDA12.1×
n/aPEG2.15×
−63.0%Fair value upside−21.1%
0.3%Dividend yield1.6%
₹3.00Dividend per share€2.20
Profitability
9.6%Operating margin13.9%
0.87×EBIT margin trend (5Y)1.07×
13.8%Return on equity8.1%
6.8%Return on assets4.7%
Growth
42.3%Revenue growth (YoY)3.4%
20.1%Avg. growth/yr (3Y)-1.7%
31.4%Avg. growth/yr (5Y)3.8%
+32.8%Value creation/yr+7.2%
Balance & size
9.7×Interest coverage (EBIT/interest)15.5×
0.20×Debt / equity0.36×
$693MMarket cap$68B
expensiveGrowth qualitymixed
Merck KGaA, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 25.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Merck KGaA leads: 5 to 10 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Innova Captabof which business quality 51 · market factors 79 Merck KGaAof which business quality 61 · market factors 64
ProfitabilityMargins and returns on capital today
53
41
Quality GrowthAre margins and returns improving?
60
40
CashflowEarnings quality: real cash, not paper profit
18
57
Fin. StrengthBalance sheet, leverage, solvency risk
68
75
InvestmentDisciplined investing over empire-building
29
80
Low VolatilityCalm price path (market factor)
77
75
MomentumPrice trend over the last 3–12 months (market factor)
81
57
52W MomentumDistance to the 52-week high (market factor)
79
66
Net IssuanceShare count: buybacks or dilution?
82
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyInnova CaptabPrice ₹1,160Merck KGaAPrice €138
DCF Models−54.2%below the price₹532−22.4%below the price€107
Earnings-Based−51.9%below the price₹558−61.4%below the price€53.25
Dividend Discount−97.7%below the price₹26.79−70.5%below the price€40.71
Multiples−62.5%below the price₹435−14.4%close to the price€118
Asset-Based−89.0%below the price₹128−68.1%below the price€44.06
Growth DCF−74.7%below the price₹293−31.5%below the price€94.57
Economic Profit−85.1%below the price₹173−51.9%below the price€66.44
Growth Earnings−35.4%below the price₹750−16.6%below the price€115
Minimum−97.7%below the price₹26.79−70.5%below the price€40.71
Maximum−35.4%below the price₹750−14.4%close to the price€118
Median−68.6%below the price₹364−41.7%below the price€80.50
Geometric mean−78.2%below the price₹253−46.6%below the price€73.75

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Innova Captab: 25 of 26 models see the stock below the current price.

Merck KGaA: 23 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Innova Captab
Price ₹1,160
Fair Value ₹430
Bear ₹173Bull ₹552
Merck KGaA
Price €138
Fair Value €109
Bear €60.04Bull €150

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Innova Captab · Health Care

Quality score51 · above median
Fair value upside−63.0% · bottom 25%

Merck KGaA · Health Care

Quality score62 · above median
Fair value upside−21.1% · below median

Bottom line

As of Oct 1, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: Innova Captab trades at ₹1,160 versus a fair value of ₹430 (−63.0%), while Merck KGaA trades at €138 versus €109 (−21.1%).

Merck KGaA has the higher quality score (62/100).

Open Merck KGaA live analysis →

More comparisons

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.