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Mazda Limited (MAZDA) Fair Value & Analysis

Industrials · IN · Market cap ₹4.6B

ML Mazda Limited MAZDA · NSE
Price₹230.90
Fair Value₹110.20
Upside-52.3%
Quality53/100
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Expensive Growth
Solidly profitable · 13.0% net margin
Low debt · negative free cash flow
1.73% dividend yield
Ranks above peers (10/13)
Moderate moat 51/100
Evidence: High Range ₹101.33 – ₹141.08 Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated 4 days ago

Share price +1.0% over the past month.

A solid business, but screening 52% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹141.08). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹402.05 ₹81.93 Fair Value ₹110.20 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹81.93 – ₹402.05 · fair‑value band ₹101.33 – ₹141.08 · the ₹230.90 price screens above the ₹110.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Mazda Limited (MAZDA) currently trades at ₹230.90, while our model-based Fair Value estimate is ₹110.20, implying the stock looks roughly 52.3% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Mazda Limited generated revenue of ₹2.1B at a net margin of 13.0%. Revenue grew 21.6% year over year. It earns a return on equity of 11.5%. The balance sheet holds a net cash position of ₹69.5M. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹101.33 (bear case) to ₹141.08 (bull case); at ₹230.90, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -67% fair-value upside, at -52%, MAZDA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income ₹110.65 ₹124.77 ₹213.50 76
ROIC Compounder ₹100.92 ₹116.30 ₹135.97 72
Gordon GGM ₹31.62 ₹63.00 ₹95.40 70
All 17 models by family
DCF Models
Owner Earnings ₹156.28 ₹245.14 ₹379.76 31
Earnings-Based
Graham-Dodd ₹93.41 ₹326.40 ₹438.82 54
Lynch FV ₹75.97 ₹108.52 ₹141.08 50
PEG = 1.0 ₹75.97 ₹108.52 ₹141.08 46
EPV ₹100.92 ₹116.30 ₹129.58 59
Dividend Discount
Gordon GGM ₹31.62 ₹63.00 ₹95.40 70
DDM Multi-Stage ₹31.62 ₹54.23 ₹66.50 61
Multiples
P/E Multiple ₹216.36 ₹288.48 ₹360.60 63
P/S Multiple ₹158.84 ₹211.79 ₹264.74 58
P/B Multiple ₹175.15 ₹233.53 ₹291.92 55
EV/EBIT ₹196.49 ₹260.83 ₹325.17 53
EV/EBITDA ₹171.42 ₹227.40 ₹283.38 54
EV/Revenue ₹136.90 ₹194.08 ₹251.26 43
Asset-Based
NCAV (Graham) ₹62.26 ₹83.42 ₹124.51 50
Economic Profit
Residual Income ₹110.65 ₹124.77 ₹213.50 76
ROIC Compounder ₹100.92 ₹116.30 ₹135.97 72
Growth Earnings
Growth-Adj P/E ₹186.48 ₹266.40 ₹346.32 68

Widest divergence: Growth Earnings (₹266.40) versus Dividend Discount (₹54.23). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹2.1B
Revenue growth (YoY) +21.6%
Net margin 13.0%
Return on equity 11.5%
Free cash flow −₹239M FY2026
P/E ratio 16.8
More key figures
Operating margin 13.9%
EPS (TTM) ₹13.74
Dividend yield 1.7%
EPS growth (YoY) +35.1%
Net cash ₹69.5M FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 50 · Market factors (momentum, volatility) 46

Profitability 49
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Mazda Limited manufactures and sells engineering goods in India and internationally. The company operates in two segments, Engineering Products and Food Products.

Full company description

Mazda Limited manufactures and sells engineering goods in India and internationally. The company operates in two segments, Engineering Products and Food Products. It offers vacuum systems, including steam jet boosters and ejectors; steam jet air ejector systems; combination vacuum systems of steam jet ejectors, liquid ring vacuum pumps, and liquid jet ejectors; thermocompressors; liquid and air jet ejectors; vapour and gas jet ejectors/systems; steam and 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 comprising OSLO crystallizers, agitated thin film dryer, and stripper systems, and pilot plant, as well as falling/rising film, forced circulation, and combination type evaporators; vapor absorption machines/heat pumps and chiller vector systems; and air pollution control equipment, such as comprise jet venturi and high energy fume, and packed tower scrubbers. In addition, it offers heat transfer products, including 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; and manufactures food products, such as instant drink powder, flavoring essence and extracts, food color, fruit jams, fruit squash, rose syrup, rose water/kewra water, vinegar/soya sauce, baking/vanilla/custard powder, and mango chutney/mixed pickle. Further, the company provides vapour absorption machines/heat pumps, chiller vactor system; and jet venturi fume scrubbers, high energy fume and packed tower scrubber. It serves 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Mazda Limited reported revenue of ₹2.1B in FY2026 versus ₹1.6B in FY2022, a compound +6.7%/yr. Reported net income was ₹275M in FY2026, compounding +6.7%/yr from FY2022.

Growth Quality 46/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹2.1B
Latest YoY
+9.7%
Avg. growth/yr (3Y) 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.
+3.8%
Avg. growth/yr (5Y) 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.
+6.9%
Avg. growth/yr (20Y) 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.
+9.2%
Revenue +6.7%/yr
FY22 ₹1.6B
FY23 ₹1.9B
FY24 ₹2.2B
FY25 ₹1.9B
FY26 ₹2.1B
Net income +6.7%/yr
FY22 ₹212M
FY23 ₹266M
FY24 ₹315M
FY25 ₹249M
FY26 ₹275M
Character of growth · EPS growth decomposed (2015-2026) +10.9 % p.a.
Revenue per share +7.5 pp

of which total revenue +6.7 pp · buybacks/dilution +0.7 pp

EBIT margin +1.4 pp
Tax rate +0.1 pp
Residual (interest, one-offs) +2.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MAZDA screens 52% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "Mazda Limited Fair Value". https://www.fairvalue-calculator.com/stock/MAZDA

Peer Group

Specialty Industrial Machinery · 805 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 53 · Below median
Fair Value upside −52% · Below median
Return on equity (TTM) 11% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 14% · Above median
Revenue growth 22% · Top 25%
Dividend yield (TTM) 1.7% · Above median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 16.8× · Cheaper than 75% of peers
P/B 1.85× · Cheaper than median
P/S (TTM) 2.18× · Pricier than median
EV/EBITDA 13.2× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 22
PAST 46 · sector 28
HEALTH 100 · sector 95
DIVIDEND 35 · sector 27

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc 1GEV €899.80 €186.93 -79%
1SIE 1SIE €281.75 €91.93 -67%
SMNS SMNS C$31.76 C$22.75 -28%
Atlas Copco AB ATCOA kr 210.00 kr 112.59 -46%
Sandvik AB SAND kr 358.60 kr 193.01 -46%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥39.17 ¥22.68 -42%
ABB India Limited ABB ₹7,645 ₹1,322 -83%
Cummins India Limited CUMMINSIND ₹5,315 ₹1,355 -75%
Bharat Heavy Electricals Limited BHEL ₹421.70 ₹96.51 -77%
Siemens Limited SIEMENS ₹4,019 ₹746.83 -81%

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Frequently asked questions

Is Mazda Limited (MAZDA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹110.20 versus a price of ₹230.90, about −52% (overvalued).
What is the fair value of MAZDA?
Our model-based fair value for Mazda Limited is ₹110.20 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹230.90.
What is the quality score of MAZDA?
Mazda Limited has a Quality Score of 53/100. 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 revenue of Mazda Limited (MAZDA)?
Mazda Limited reported trailing-twelve-month revenue of about ₹2.1B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MAZDA?
The net profit margin of Mazda Limited is about 13.0%, meaning it keeps roughly 13.0% of revenue as net income. Based on the latest reported figures.
Does Mazda Limited pay a dividend?
Mazda Limited currently shows a dividend yield of about 1.73% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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