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Mazda Limited (523792) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Mazda Limited ₹684, price ₹292, upside +134.3%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Industrial Goods · IN · ISIN INE885E01034

ML Thin data Sep 24, 2026

Mazda Limited

523792 · BSE

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value ₹683.82 · Strongly undervalued (+134.3%)
!Quality 48/100
!Weak Growth (revenue 5y +1.5 %/yr)
✓Solidly profitable · 11.4% net margin (TTM)
✓Low debt
✓3.4% dividend yield · Well covered
!Moderate moat 56/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

₹406.05 ₹86.58 Fair Value ₹683.82 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹86.58 – ₹406.05 · fair‑value band ₹385.61 – ₹1,061 · the ₹291.90 price screens below the ₹683.82 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Mazda Limited operates as an engineering company in India. It operates in two segments, Engineering Division and Food Division.

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Mazda Limited operates as an engineering company in India. It operates in two segments, Engineering Division and Food Division. The company offers vacuum systems, including steam jet boosters and ejectors; steam jet air ejector systems; combination vacuum systems of steam jet ejectors and liquid ring vacuum pumps; combination vacuum systems of steam jet ejectors and liquid jet ejectors; thermocompressors; liquid jet ejectors; air jet ejectors; vapor and gas jet ejectors/systems; steam jet liquid ejectors; liquid jet liquid ejectors; steam jet liquid heaters and mixers; single/double stage liquid ring vacuum pumps; and hotshot mechanical automatic pumps. It also provides evaporators, such as falling/rising film evaporators, forced circulation evaporators, combination type evaporators, OSLO crystallizers, pilot plants, agitated thin film dryers, and stripper systems; and chillers comprising vapor absorption machines/heat pumps and chiller vector systems. In addition, the company offers heat transfer products that include condensing systems, steam surface condensers, steam jet air ejector systems, gland vent condensers, dump condensers, feed water heaters, oil coolers, shell and tube heat exchangers, flash tanks, and pressure vessels. Further, it provides air pollution control equipment, which comprise jet venturi fume, high energy fume, and packed tower scrubbers, as well as food products. The company also exports its products to approximately 40 countries worldwide. It serves the chemicals and pesticides, drugs and pharmaceuticals, dye and intermediates, edible oil refining, ethylene-glycol-motive fluid, fertilizers, petroleum refinery, petro chemicals, power, steel, and vegetable oil industries. The company was incorporated in 1990 and is based in Ahmedabad, India.

Stock analysis

Mazda Limited (523792) currently trades at ₹291.90, while our model-based Fair Value estimate is ₹683.82, implying the stock looks roughly 57.3% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ₹1,155 per share, and 22 of the 26 models we run sit above the ₹291.90 price.

Bear case: the Dividend Discount group reads lowest at ₹228.40, and 4 of the 26 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹385.61 (bear) to ₹1,061 (bull), the price of ₹291.90 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Industrial Goods sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Mazda Limited reported revenue of ₹1.9B in FY2025 versus ₹1.5B in FY2021, a compound +6.1%/yr. Reported net income was ₹249M in FY2025, compounding +11.1%/yr from FY2021.

Key figures

Market cap ₹2.2B (≈ $22.6M) · P/E ratio 15.1 · P/S ratio 1.94 · EPS (TTM) ₹44.91 · Dividend yield 3.4% · Net margin 12.9% · Return on equity 13.6% · Return on assets (EBIT) 13.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 82% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrial Goods peers we cover trades at −37% fair-value upside, at 134%, 523792 screens cheaper than that median.

Fair Value models

Bear ₹385.61 Fair Value ₹683.82 Bull ₹1,061
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹34.91 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF ₹191.43 ₹291.78 ₹438.76 79
Growth DCF ₹194.09 ₹282.34 ₹403.61 78
Owner Earnings ₹667.72 ₹1,018 ₹1,531 76
All 26 models by family
DCF Models
FCF DCF ₹191.43 ₹291.78 ₹438.76 79
Owner Earnings ₹667.72 ₹1,018 ₹1,531 76
5Y Revenue Exit ₹430.89 ₹753.91 ₹1,173 71
5Y EBITDA Exit ₹484.54 ₹854.26 ₹1,290 73
5Y P/E Exit ₹623.60 ₹1,114 ₹1,634 69
10Y Revenue Exit ₹321.42 ₹590.65 ₹962.07 64
10Y EBITDA Exit ₹372.20 ₹658.76 ₹1,049 66
10Y P/E Exit ₹458.88 ₹835.30 ₹1,306 62
Earnings-Based
Graham-Dodd ₹421.99 ₹1,314 ₹1,748 65
Lynch FV ₹285.84 ₹408.34 ₹530.84 61
PEG = 1.0 ₹285.84 ₹408.34 ₹530.84 57
EPV ₹463.35 ₹536.50 ₹599.61 74
Dividend Discount
Gordon GGM ₹140.52 ₹280.00 ₹424.00 67
DDM Multi-Stage ₹140.52 ₹228.40 ₹295.56 66
Multiples
P/E Multiple ₹977.41 ₹1,303 ₹1,629 63
P/S Multiple ₹723.84 ₹965.11 ₹1,206 58
P/B Multiple ₹791.24 ₹1,055 ₹1,319 55
EV/EBIT ₹833.85 ₹1,112 ₹1,390 66
EV/EBITDA ₹732.25 ₹976.32 ₹1,220 67
EV/Revenue ₹595.15 ₹850.20 ₹1,105 53
Asset-Based
NCAV (Graham) ₹287.05 ₹384.65 ₹574.10 54
Growth DCF
Growth DCF ₹194.09 ₹282.34 ₹403.61 78
Rev-Margin DCF ₹430.89 ₹747.09 ₹1,107 71
Economic Profit
Residual Income ₹510.49 ₹569.44 ₹739.54 76
ROIC Compounder ₹463.35 ₹536.50 ₹626.41 72
Growth Earnings
Growth-Adj P/E ₹808.36 ₹1,155 ₹1,501 67

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Quality Score breakdown

Overall quality 48/100

Of which business quality 48 · Market factors (momentum, volatility) 62

Profitability 54
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 26
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 61
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 68
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−14.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.5%
Start year 2020 (pandemic). Over 10 years: +5.1% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−17.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.5%
Dividend (yield on the price)3.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 14%
⚠ Revenue per share shrinking 16.3%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Diversified Machinery” was too small, so the broader sector is used.)Industrials · 5298 stocks

Beats the sector median on 8/12 measures
Overall it ranks above its sector peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −37.5% · Below median
Profitability
Return on equity (TTM) 13.6% · Above median
Return on assets 8.7% · Top 25%
Net margin (TTM) 11.4% · Top 25%
Operating margin (TTM) 14.9% · Top 25%
Growth and dividend
Revenue growth −15.2% · Bottom 25%
Dividend yield (TTM) 3.4% · Above median

Valuation Multiplesvs Industrials median · lower = cheaper

P/E (TTM) 15.1× · Cheaper than median
P/B 0.95× · Cheaper than median
P/S (TTM) 1.37× · Pricier than median
EV/EBITDA 8.2× · Cheaper than median

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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FRONTSP FRONTSP ₹1,417 ₹889.77 −37%
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DHPIND DHPIND ₹499.95 ₹446.69 −11%

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Mazda Limited · Fair Value
₹683.82 +57%Fair Value
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Cite: Fair Value Calculator (2026). "Mazda Limited Fair Value". https://www.fairvalue-calculator.com/stock/523792

Frequently asked questions

Is Mazda Limited (523792) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹683.82 versus a price of ₹291.90, about +134% upside (undervalued).
What is the fair value of 523792?
Our model-based fair value for Mazda Limited is ₹683.82 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹291.90.
What is the quality score of 523792?
Mazda Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mazda Limited (523792)?
Our model-based price target is the fair value of ₹683.82 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ₹385.61, optimistic scenario ₹1,061. It is a calculation from audited fundamentals, not an analyst target.
What is the Mazda Limited stock forecast for 2026?
Our models put fair value at ₹683.82, about +134% upside versus a price of ₹291.90 (undervalued). Cautious scenario ₹385.61, optimistic scenario ₹1,061. The calculation is refreshed regularly with new filings.
What is the revenue of Mazda Limited (523792)?
Mazda Limited reported trailing-twelve-month revenue of about ₹1.6B (latest available figure, as of Sep 24, 2026).
Does Mazda Limited pay a dividend?
Mazda Limited currently shows a dividend yield of about 3.43% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Mazda Limited (523792)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mazda Limited it is ₹683.82 per share (as of Sep 24, 2026), against a price of ₹291.90. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Mazda Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 523792 trades below its calculated fair value: price ₹291.90, fair value ₹683.82, a gap of about +134% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 523792?
No. The price is what the market pays today (₹291.90); the fair value is what the company's own numbers justify (₹683.82). For Mazda Limited the two are ₹391.92 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mazda Limited worth?
The market values Mazda Limited at about ₹2.2B (market capitalisation, as of Sep 24, 2026). Per share that is ₹291.90; our models calculate a fair value of ₹683.82 per share.
What do the bullish and bearish scenarios say about 523792?
Our models span a range for Mazda Limited: cautious scenario ₹385.61, base ₹683.82, optimistic ₹1,061 per share (as of Sep 24, 2026, price ₹291.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 523792?
Mazda Limited trades at a price-to-earnings ratio of 15.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹683.82 is built from several models across several years. Other multiples: P/B 1.0, P/S 1.4, EV/EBITDA 8.2.
How solid is the balance sheet of Mazda Limited (523792)?
Balance-sheet figures for Mazda Limited (as of Sep 24, 2026): return on equity 13.6%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 523792 from its 52-week high?
Mazda Limited trades at ₹291.90, about 5% below its 52-week high of ₹307.25 and 82% above the low of ₹160.05 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹683.82 is for.
Which stocks are comparable to Mazda Limited?
From the same area (Industrial Goods) we also value DISAQ, BATLIBOI, Axtel Industries Limited, T & I Global Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mazda Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹291.90, calculated fair value ₹683.82 (+134%), Quality Score 48/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 523792 calculated?
We run Mazda Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹683.82, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Mazda Limited currently trades 57 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mazda Limited (523792)?
The closing price on Oct 1, 2026 was ₹291.90. Our model-based fair value is ₹683.82, about +134% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mazda Limited right now?
The price is below even our cautious bear case (₹385.61). The market is more pessimistic than our downside scenario. The model range is unusually wide (₹385.61 to ₹1,061). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Mazda Limited

How large is the market capitalisation of Mazda Limited (523792)?
The market capitalisation of Mazda Limited is ₹2.2B (≈ $22.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mazda Limited (523792)?
The price-to-sales ratio of Mazda Limited is 1.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mazda Limited (523792)?
Earnings per share at Mazda Limited are ₹44.91 (price ÷ EPS = P/E 15.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mazda Limited (523792)?
The dividend yield of Mazda Limited is 3.4% (payout 22.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mazda Limited (523792)?
The net margin of Mazda Limited is 12.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mazda Limited (523792)?
The return on equity (ROE) of Mazda Limited is 13.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mazda Limited (523792)?
On an EBIT basis the return on assets of Mazda Limited is 13.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mazda Limited (523792)?
The operating margin of Mazda Limited is 14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mazda Limited (523792)?
Revenue at Mazda Limited is growing −15.2% versus a year earlier (3y avg +5.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mazda Limited (523792)?
Earnings per share at Mazda Limited are growing +40.6% versus a year earlier. How much earnings per share grew versus a year earlier.
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