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Epigral Limited (MFL) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Epigral Limited ₹584, price ₹983, upside -40.7%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Some data
Sep 24, 2026
Epigral Limited
MFL · BSEStretched ValuationStrong overvaluation with only moderate quality.
!Fair value ₹583.50 · Strongly overvalued (−40.7%)
!Quality 52/100
!Mixed Growth (revenue 5y +112.9 %/yr)
✓Solidly profitable · 13.1% net margin (TTM)
✓Negative equity (buybacks among others) · generates free cash flow
·0.6% dividend yield · Safety not assessed
✓Wide moat 67/100
!Evidence only medium, 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
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
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 ₹405.65 – ₹2,343 · fair‑value band ₹398.29 – ₹637.04 · the ₹983.40 price screens above the ₹583.50 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Epigral Limited manufactures and sells chlor-alkali and related derivatives in India and internationally. The company offers chlorinated polyvinyl chloride (CPVC) resins, epichlorohydrin, chloromethanes, hydrogen peroxide, caustic soda, chlorine, hydrogen, and caustic potash products. It also trades in agrochemical products.
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Epigral Limited manufactures and sells chlor-alkali and related derivatives in India and internationally. The company offers chlorinated polyvinyl chloride (CPVC) resins, epichlorohydrin, chloromethanes, hydrogen peroxide, caustic soda, chlorine, hydrogen, and caustic potash products. It also trades in agrochemical products. The company serves various sectors, including CPVC pipes and fittings, windmills, construction, paints and coatings, electronics, water treatment, agrochemicals, pharmaceuticals, refineries, soap and detergents, fluoropolymers, paper and pulp, textiles, alumina, polyurethane foam, lithium, and polytetrafluoroethylene (PTFE) pipes. The company was formerly known as Meghmani Finechem Limited and changed its name to Epigral Limited in August 2023. Epigral Limited was incorporated in 2007 and is based in Ahmedabad, India.
Stock analysis
Epigral Limited (MFL) currently trades at ₹983.40, while our model-based Fair Value estimate is ₹583.50, 40.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹1,218 per share, and 2 of the 7 models we run sit above the ₹983.40 price.
Bear case: the DCF Models group reads lowest at ₹608.53, and 5 of the 7 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹398.29 (bear) to ₹637.04 (bull), the price of ₹983.40 sits above 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 52/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Epigral Limited reported revenue of ₹523M in FY2024 versus ₹165M in FY2020, a compound +33.4%/yr. Reported net income was −₹8.3M in FY2024.
Key figures
Market cap ₹43.9B (≈ $456M) · P/E ratio 14.8 · P/S ratio 2.08 · EPS (TTM) ₹66.67 · Dividend yield 0.6% · Net margin −1.6% · Return on equity 39.4% · Return on assets (EBIT) −5.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −24% fair-value upside, at −41%, MFL screens richer than that median.
Fair Value models
Bear ₹398.29
Fair Value ₹583.50
Bull ₹637.04
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 2024 figures (about 12 months old). Earnings retained since then (₹66.67 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
₹750.42
₹1,097
₹2,134
74
5Y EBITDA Exit
₹239.79
₹283.89
₹365.04
74
Growth DCF
₹702.71
₹1,218
₹2,027
74
All 7 models by family
DCF Models
FCF DCF
₹750.42
₹1,097
₹2,134
74
5Y Revenue Exit
₹247.91
₹300.29
₹399.20
72
5Y EBITDA Exit
₹239.79
₹283.89
₹365.04
74
10Y Revenue Exit
₹418.50
₹624.47
₹665.84
66
10Y EBITDA Exit
₹413.59
₹608.53
₹850.42
66
Multiples
EV/Revenue
₹8.99
₹14.65
₹20.31
53
Growth DCF
Growth DCF
₹702.71
₹1,218
₹2,027
74
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Set up alert →Quality Score breakdown
Overall quality
52/100
Of which business quality 47 · Market factors (momentum, volatility) 41
Profitability
34
Margins and returns on capital today
Quality Growth
62
Are margins and returns improving?
Cashflow
40
Earnings quality: real cash, not paper profit
Fin. Strength
34
Balance sheet, leverage, solvency risk
Investment
48
Disciplined investing over empire-building
Low Volatility
70
Calm price path (market factor)
Momentum
39
Price trend over the last 3–12 months (market factor)
52W Momentum
9
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
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.
76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.5%
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.
+112.9%
Revenue growth 8 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.
−12.2%
’16
’17
’19
’20
’22
’23
’24
Profit margin (trend) ⓘ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.
−78.3% (2019) → −0.6% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+66.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +59.7% a year for the price.
MFL screens overvalued: fair value 41% below the price. Compare with Ningxia Baofeng Energy Group →
Compare Epigral Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Chemicals · 341 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Chemicals median · lower = cheaper
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India 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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| Hengli Petrochemical Co 600346 | ¥16.15 | ¥43.28 | +168% |
| Zangge Mining Company 000408 | ¥71.46 | ¥78.61 | +10% |
| LG Chem, Ltd 051910 | 252,500 KRW | 587,755 KRW | +133% |
| Zhejiang Juhua Co 600160 | ¥33.97 | ¥19.25 | −43% |
| Jiangsu Eastern Shenghong Co 000301 | ¥13.36 | ¥3.06 | −77% |
| Formosa Chemicals & Fibre Corporation 1326 | 67.00 TWD | 17.68 TWD | −74% |
| Syensqo SA SYENS | €78.20 | €32.87 | −58% |
| PETRONAS Chemicals Group 5183 | 4.49 MYR | 1.51 MYR | −66% |
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Frequently asked questions
Is Epigral Limited (MFL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹583.50 versus a price of ₹983.40, about −41% upside (overvalued).
What is the fair value of MFL?
Our model-based fair value for Epigral Limited is ₹583.50 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹983.40.
What is the quality score of MFL?
Epigral Limited has a Quality Score of 52/100. 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 Epigral Limited (MFL)?
Our model-based price target is the fair value of ₹583.50 (as of Sep 24, 2026) from 7 valuation models. Cautious scenario ₹398.29, optimistic scenario ₹637.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Epigral Limited stock forecast for 2026?
Our models put fair value at ₹583.50, about −41% upside versus a price of ₹983.40 (overvalued). Cautious scenario ₹398.29, optimistic scenario ₹637.04. The calculation is refreshed regularly with new filings.
Does Epigral Limited pay a dividend?
Epigral Limited currently shows a dividend yield of about 0.55% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Epigral Limited (MFL)?
For today's price to be fair in a discounted-cash-flow model, Epigral Limited would have to grow free cash flow by +66.3 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +112.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MFL use?
Our models discount Epigral Limited at 13.9 %: a base by market capitalisation (small), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Epigral Limited that is +66.3 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Epigral Limited (MFL) delivered so far?
Over the past 5 years revenue at Epigral Limited grew +112.9 % a year. The price currently implies +66.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Epigral Limited (MFL) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Epigral Limited (+66.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Epigral Limited (MFL)?
The free-cash-flow yield on the price is 0.59 %: that much free cash flow Epigral Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Epigral Limited (MFL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Epigral Limited it is ₹583.50 per share (as of Sep 24, 2026), against a price of ₹983.40. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Epigral Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MFL trades above its calculated fair value: price ₹983.40, fair value ₹583.50, a gap of about −41% (overvalued). 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 MFL?
No. The price is what the market pays today (₹983.40); the fair value is what the company's own numbers justify (₹583.50). For Epigral Limited the two are ₹399.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Epigral Limited worth?
The market values Epigral Limited at about ₹43.9B (market capitalisation, as of Sep 24, 2026). Per share that is ₹983.40; our models calculate a fair value of ₹583.50 per share.
What do the bullish and bearish scenarios say about MFL?
Our models span a range for Epigral Limited: cautious scenario ₹398.29, base ₹583.50, optimistic ₹637.04 per share (as of Sep 24, 2026, price ₹983.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MFL?
Epigral Limited trades at a price-to-earnings ratio of 14.8 (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 ₹583.50 is built from several models across several years. Other multiples: P/S 2.1, EV/EBITDA 7.4.
How solid is the balance sheet of Epigral Limited (MFL)?
Balance-sheet figures for Epigral Limited (as of Sep 24, 2026): return on equity 39.4%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is MFL from its 52-week high?
Epigral Limited trades at ₹983.40, about 44% below its 52-week high of ₹1,755 and 21% above the low of ₹809.55 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹583.50 is for.
Which stocks are comparable to Epigral Limited?
From the same area (Basic Materials) we also value Ningxia Baofeng Energy Group, Dow Inc, Hengli Petrochemical Co, Zangge Mining Company, 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 Epigral Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹983.40, calculated fair value ₹583.50 (−41%), Quality Score 52/100, from 7 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 MFL calculated?
We run Epigral Limited through 7 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 ₹583.50, 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. Epigral Limited itself currently trades above fair value. 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 Epigral Limited (MFL)?
The closing price on Oct 1, 2026 was ₹983.40. Our model-based fair value is ₹583.50, about −41% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Epigral Limited right now?
The price sits above even our optimistic bull case (₹637.04). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Epigral Limited
How large is the market capitalisation of Epigral Limited (MFL)?
The market capitalisation of Epigral Limited is ₹43.9B (≈ $456M). 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 Epigral Limited (MFL)?
The price-to-sales ratio of Epigral Limited is 2.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Epigral Limited (MFL)?
Earnings per share at Epigral Limited are ₹66.67 (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Epigral Limited (MFL)?
The dividend yield of Epigral Limited is 0.6% (payout 8.1%). 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 Epigral Limited (MFL)?
The net margin of Epigral Limited is −1.6% (fiscal year 2024). 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 Epigral Limited (MFL)?
The return on equity (ROE) of Epigral Limited is 39.4% (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 Epigral Limited (MFL)?
On an EBIT basis the return on assets of Epigral Limited is −5.1% (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 Epigral Limited (MFL)?
The operating margin of Epigral Limited is 14.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Epigral Limited (MFL)?
Revenue at Epigral Limited is growing −14.6% versus a year earlier (3y avg +175%). 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 Epigral Limited (MFL)?
Earnings per share at Epigral Limited are growing −70.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Epigral Limited (MFL) carry?
The net debt of Epigral Limited is ₹8.6B (fiscal year 2022, ≈ 4.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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