Valuation · at the close on 16 Oct 2026

Millat Tractors Limited (MTL) valuation

At Rs 303.29 (close on 16 Oct 2026) MTL trades at 15.2× earnings (FY2026), below its five-year average of 26.8× and above the Automobile Assembler median of 6.3×. The shares are priced at 11.80× book value (sector median 1.82×). Enterprise value of Rs 130.4 bn is 7.9× EBITDA. The dividend yield is 6.9%, against a five-year average of 6.3%.

P/E · today

15.2×

FY2026

5-yr average26.8× Sector median6.3×

P/B · today

11.80×

FY2026

5-yr average10.89× Sector median1.82×

EV/EBITDA · today

7.9×

5-yr average6.5× Sector median3.2×

Dividend yield · today

6.9%

FY2026

5-yr average6.3% Payers' median4.5%

Market value Rs 121.0 bn at Rs 303.29. Sector medians use the latest close of 10 Automobile Assembler companies; P/E and P/B only where earnings / book value are positive; the yield median covers dividend payers only. Not investment advice.

Valuation history

At each fiscal year-end price.

5 10 All

MTL valuation history (annual) (Rs bn)

Rs bn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Market capitalisation	121.7	107.1	61.0	37.4	42.3	30.3	17.6	19.1	26.3	30.4	12.6	15.2	11.1	10.6	8.8	11.0	7.0	3.3	2.5	3.1
Enterprise value	131.6	120.9	69.3	47.3	43.1	24.9	17.5	20.0	19.6	22.3	10.1	14.6	9.8	7.9	5.7	7.7	1.8	1.1	(0.6)	0.5
Share price (period end) Rs	304.95	279.33	636.08	390.31	440.70	315.54	183.46	199.15	274.36	317.40	131.69	158.38	115.27	110.22	92.15	114.84	73.34	34.11	25.99	32.39
P/E (diluted)	15.32×	17.53×	24.17×	45.46×	31.51×	18.43×	35.27×	22.72×	19.53×	27.32×	27.46×	24.47×	31.09×	19.22×	17.13×	15.64×	11.46×	10.22×	15.42×	18.85×
Price to book	11.86×	12.75×	20.98×	17.40×	21.30×	12.07×	14.71×	13.42×	15.58×	17.94×	10.36×	11.31×	8.76×	6.99×	6.18×	8.59×	6.22×	3.71×	3.98×	4.45×
Price to sales	1.89×	2.09×	2.62×	3.18×	3.07×	2.43×	2.94×	2.39×	2.66×	3.85×	2.81×	2.53×	2.54×	1.81×	1.71×	1.75×	1.25×	0.81×	1.11×	1.13×
EV / EBITDA	7.98×	11.91×	3.62×	6.27×	4.38×	2.74×	5.04×	3.87×	2.14×	2.91×	2.99×	3.22×	4.30×	2.38×	2.07×	2.05×	0.55×	0.59×	(0.59×)	0.86×
EV / Sales	2.05×	2.27×	0.73×	1.00×	0.78×	0.54×	0.73×	0.62×	0.49×	0.71×	0.56×	0.61×	0.56×	0.34×	0.28×	0.30×	0.08×	0.07×	(0.05×)	0.05×
Dividend yield (gross)	5.7%	8.1%	3.1%	2.1%	3.4%	3.3%	3.9%	6.1%	5.1%	2.4%	4.2%	3.3%	4.5%	6.1%	4.1%	5.0%	5.2%	6.4%	4.6%	2.8%
Free cash flow yield	8.7%	2.7%	3.6%	(2.7%)	(0.0%)	8.8%	5.9%	(3.0%)	4.1%	7.2%	8.3%	4.4%	1.0%	4.9%	2.8%	(0.6%)	14.9%	(1.0%)	7.3%	(6.3%)
PEG ratio	0.61×	(0.44×)	0.12×	(1.18×)	(1.72×)	0.08×	(0.87×)	(0.60×)	0.93×	0.19×	(1.06×)	0.33×	(0.88×)	2.91×	(0.64×)	1.06×	0.12×	0.10×	(8.12×)	(1.75×)
P/E (diluted, normalised)	15.32×	17.53×	24.17×	45.46×	31.51×	18.43×	35.06×	22.72×	19.53×	27.32×	27.46×	24.47×	31.09×	19.23×	17.96×	16.53×	11.46×	10.18×	15.42×	18.85×
Price to book — 5-year average	10.89×	9.64×	17.55×	15.83×	15.40×	14.53×	14.68×	14.06×	13.26×	11.36×	8.61×	8.30×	7.33×	6.53×	6.10×	5.83×	4.52×	3.26×	2.68×	2.13×
EV / EBITDA — 5-year average	6.53×	5.48×	4.12×	4.35×	3.41×	3.02×	3.10×	2.90×	2.83×	3.06×	2.96×	2.75×	2.14×	1.62×	1.25×	1.01×	0.24×	(0.35×)	(0.96×)	(0.86×)
Dividend yield — 5-year average	6.3%	6.5%	3.1%	3.5%	4.2%	4.0%	4.2%	4.1%	3.7%	3.6%	4.3%	4.5%	5.0%	5.2%	4.9%	4.9%	4.8%	4.3%	3.8%	3.8%

MTL valuation: frequently asked questions

What is MTL's P/E ratio? +

At the closing price of Rs 303.29 on 16 Oct 2026, MTL trades at a P/E of 15.2× based on EPS of Rs 19.91 (FY2026).

What is MTL's book value per share? +

Millat Tractors Limited's book value per share was Rs 25.70 at the end of FY2026. The shares trade at 11.80× book value.

Information only, not investment advice.