MTL Millat Tractors Limited

Millat Tractors Limited (MTL) financial ratios

Millat Tractors Limited earned a net margin of 12.6% in FY2026 against a five-year average of 10.8% (Automobile Assembler median 8.8%). Return on equity was 83.6%, compared with a sector median of 36.2%. The current ratio stood at 1.20× and debt was 112.2% of equity. Cash took about 135 days to cycle through receivables, inventory and payables.

FY2026 vs the Automobile Assembler median

Gross margin: 32.8%; Sector median 19.4%
Operating margin: 25.2%; Sector median 12.7%
Net margin: 12.6%; Sector median 8.8%
Return on equity (ROE): 83.6%; Sector median 36.2%
Return on assets (ROA): 23.4%; Sector median 16.2%
Current ratio: 1.20×; Sector median 1.61×
Debt to equity: 112.2%; Sector median 2.9%
Asset turnover: 1.86×; Sector median 1.51×
Dividend payout ratio: 88.3%; Sector median 17.9%

Median of the 10 companies in the sector with the figure for their latest fiscal year.

MTL financial ratios (annual) (Rs mn)
Rs mn	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
Profitability
Gross margin	32.8%	26.9%	25.1%	22.0%	22.1%	24.8%	20.4%	21.3%	26.3%	27.7%	23.4%	22.9%	17.8%	17.7%	17.0%	18.0%	17.5%	15.6%	13.3%	10.4%
EBITDA margin	25.7%	19.0%	20.1%	16.0%	17.9%	19.9%	14.5%	16.1%	23.1%	24.2%	18.8%	18.9%	13.1%	14.3%	13.4%	14.9%	14.6%	11.6%	8.5%	5.7%
Operating margin	25.2%	18.5%	19.8%	15.5%	17.5%	19.4%	13.7%	15.5%	22.6%	23.7%	18.0%	18.2%	12.7%	14.0%	13.1%	14.6%	14.3%	11.2%	8.1%	5.4%
Pre-tax margin	22.8%	15.1%	18.9%	12.4%	17.4%	19.9%	12.2%	15.9%	22.4%	23.2%	17.2%	17.7%	12.9%	14.5%	14.9%	16.8%	16.2%	11.6%	10.1%	7.9%
Net margin	12.6%	11.9%	11.2%	7.5%	10.7%	14.4%	8.2%	11.0%	15.1%	15.6%	11.3%	11.5%	8.3%	9.5%	10.1%	11.3%	11.0%	8.0%	7.2%	5.9%
Effective tax rate	44.9%	21.7%	40.7%	39.1%	38.7%	27.7%	32.5%	30.8%	32.9%	32.9%	34.1%	34.9%	35.8%	34.3%	32.2%	32.8%	32.0%	30.7%	29.1%	24.3%
Returns
Return on equity (ROE)	83.6%	62.4%	101.8%	39.8%	59.7%	81.3%	38.1%	54.0%	79.6%	76.4%	35.9%	47.7%	27.0%	39.2%	38.0%	58.4%	61.0%	38.5%	27.3%	25.1%
Return on assets (ROA)	23.4%	18.0%	32.7%	13.2%	22.5%	31.4%	14.4%	21.1%	30.0%	30.7%	18.3%	30.9%	15.4%	20.3%	20.7%	26.6%	25.8%	17.9%	11.7%	9.4%
Return on invested capital (ROIC)	36.9%	35.0%	53.3%	27.4%	48.5%	64.2%	31.0%	43.2%	65.7%	62.0%	28.1%	41.3%	27.4%	39.3%	37.7%	57.8%	60.7%	39.7%	27.9%	25.6%
Liquidity
Current ratio	1.20×	1.11×	1.28×	1.18×	1.27×	1.27×	1.30×	1.50×	1.51×	1.50×	1.73×	2.23×	2.28×	1.69×	1.83×	1.94×	1.42×	1.70×	1.49×	1.62×
Quick ratio	0.59×	0.51×	0.45×	0.49×	0.61×	0.82×	0.63×	0.84×	1.00×	1.09×	1.14×	1.23×	1.22×	1.16×	1.21×	1.23×	1.07×	1.06×	1.07×	1.05×
Leverage
Debt to equity	112.2%	162.4%	78.9%	103.5%	20.3%	9.4%	20.2%	13.2%	3.0%	1.6%	4.6%	9.2%	—	—	—	—	—	—	1.8%	2.1%
Debt to capital	52.9%	61.9%	44.1%	50.9%	16.8%	8.6%	16.8%	11.7%	2.9%	1.5%	4.4%	8.4%	—	—	—	—	—	—	1.8%	2.1%
Debt to assets	35.8%	43.2%	27.3%	33.8%	7.6%	3.7%	8.3%	6.6%	1.2%	0.6%	2.3%	5.8%	—	—	—	—	—	—	0.8%	0.9%
Assets to equity	3.42×	3.26×	2.96×	2.87×	2.60×	2.50×	2.20×	2.26×	2.48×	2.29×	1.79×	1.54×	1.73×	1.92×	1.83×	2.18×	2.36×	2.15×	2.33×	2.64×
Efficiency
Asset turnover	1.86×	1.52×	2.92×	1.75×	2.11×	2.19×	1.76×	1.92×	1.99×	1.97×	1.61×	2.68×	1.87×	2.13×	2.05×	2.37×	2.34×	2.23×	1.63×	1.57×
Receivable days days	54	60	28	53	39	32	55	45	31	35	50	30	53	49	36	29	34	31	36	26
Inventory days days	115	149	76	107	70	65	91	74	67	67	95	63	70	57	64	48	48	53	68	79
Payable days days	34	50	24	34	30	31	41	23	16	20	30	19	47	47	40	25	19	20	28	22
Cash conversion cycle days	135	159	79	126	79	66	104	96	81	82	116	73	76	58	60	53	62	64	77	83
Dividends
Dividend payout ratio	88.3%	141.2%	46.6%	35.3%	92.5%	87.9%	124.9%	112.0%	98.6%	94.4%	120.4%	93.7%	124.6%	95.7%	115.3%	61.7%	77.5%	82.3%	75.3%	34.1%
Earnings retention rate	0.12×	(0.41×)	0.53×	0.65×	0.07×	0.12×	(0.25×)	(0.12×)	0.01×	0.06×	(0.20×)	0.06×	(0.25×)	0.04×	(0.15×)	0.38×	0.22×	0.18×	0.25×	0.66×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

MTL: frequently asked questions

What is MTL's EPS?

Millat Tractors Limited reported basic earnings per share of Rs 19.91 for FY2026 (Jul 2025 – Jun 2026).

What is MTL's P/E ratio?

At the closing price of Rs 302.90 on 16 Oct 2026, MTL trades at a P/E of 15.2× based on EPS of Rs 19.91 (FY2026).

Does MTL pay dividends?

Yes. Millat Tractors Limited declared a dividend of Rs 21.00 per share for FY2026. It has paid a dividend in each of the last 20 years. At Rs 302.90 that is a dividend yield of 6.9%.

What was MTL's revenue and profit in FY2026?

Millat Tractors Limited reported revenue of Rs 64.2 bn and profit attributable to shareholders of Rs 7.9 bn for FY2026 (Jul 2025 – Jun 2026).

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 11.78× book value.

Information only, not investment advice.